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Former IMF chief economist takes over India's central bank

04 September 2013 20:19 (UTC +04:00)

Baku-APA. A former International Monetary Fund (IMF) chief economist Wednesday took over as the new governor of the country's central bank, the Reserve Bank of India (RBI), APA reports quoting Xinhua.

Raghuram Rajan's appointment at the top post of the RBI came at a time when the central bank has been grappling with a falling currency and a slowdown in economic growth.

After formally taking charge, 50-year-old Rajan said it was not an easy time for the Indian economy.

"These are not easy times, and the economy faces challenges. At the same time, India is a fundamentally sound economy with a bright future. Our task today is to build a bridge to the future, over the stormy waves produced by global financial markets," he told the media.

The former academic also said the central bank and the Indian government would work together so as to steadily liberalize markets.

Stressing on the significance of effective communication, Rajan said the RBI should be "a beacon of stability" and the public should have a clear idea of the central bank, and the key to all of these is communication.