From New Delhi, the capital city of India, CEOAFRICA.com gathered that the apex bank of the country has gotten a new head. He is a renowned economist, Raghuram Rajan.

According to sources, Rajan was the chief economist at the International Monetary Fund, and he is well known for having predicted the 2008 global financial crisis two years before it happened.
 
Analysts said Mr. Rajan would be expected to regulate the value of rupee, the nation’s currency, which has experienced in recent time, devaluation against the US dollars. Furthermore, he would be expected to help the country in looking for a way out of the downward spiral of its economy.

In his comment at about Mr. Rajan’s appointment, chief ecinimist at the ICICI Securities in Mumbai said the priority of the new central bank head will be to stabilize the currency.

“It is difficult, because the problems are of a fundamental nature. But he is pretty much clued on to things like financial stability, which clearly have become a big factor. Here there is a person who was thinking about these things much before they became fashionable,” he said.

Meanwhile, the new central bank chief has told the people that development would be gradual. “We do not have a magic wand to make the problems disappear instantaneously, but I have absolutely no doubt we will deal with them,” he said.