TLDR
1. The Presidency Banks publish an official minimum rate of discount, in the same manner as the Bank of England. As an effective influence on the Money Market the Presidency Bank Rates do not stand, and do not pretend to stand, in a situation comparable in any respect with the Bank of England’s. They do not attempt to control the market and dictate what the rate ought to be. They, rather, follow the market and supply an index of the general position.
It is, therefore, as the best available index to variations in the value of money in India that the Presidency Bank Rates are chiefly interesting; and it is in this capacity that I shall make use of them in this chapter.via the TL;DR App
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