TRANSCRIPT OF THE INTERVENTION BY SHRI SANJAY MALHOTRA, GOVERNOR, RESERVE BANK OF INDIA DURING A PANEL DISCUSSION TITLED "MONETARY POLICY IN A TIME OF HEIGHTENED UNCERTAINTY" JOINTLY ORGANIZED BY THE SWISS NATIONAL BANK (SNB) AND THE INTERNATIONAL MONETARY FUND (IMF) ON MAY 12, 2026, AS PART OF THE 12TH HIGH-LEVEL CONFERENCE ON THE INTERNATIONAL MONETARY SYSTEM

MUMBAI, India, May 18 -- Reserve Bank of India issued the following speech:

Good morning, Adam and my fellow panellists.

1. First of all, let me quote Alan Greenspan, former Chair of the Federal Reserve who said that "uncertainty is not just an important feature of the monetary policy landscape; it is the defining characteristic of that landscape". In other words, uncertainty is the only certainty in monetary policy.

2. This is so because even in times of low uncertainty and volatility, the economy, monetary policy transmission, economic models are complex and ever-changing, bringing uncertainty in policy making.

3. So, central bankers have learnt to live with uncertainty. The monetary policy frameworks have embedded principles, which h...