After its stinging demonetisation rebuke, RBI bars Economist reporter from its press meet

Stanley Pignal, South Asia correspondent for The Economist was barred from attending Reserve Bank of India�s policy review meet without giving any explanation or warning.

After its stinging demonetisation rebuke, RBI bars Economist reporter from its press meet

Stanley Pignal, South Asia correspondent for The Economist was barred from attending Reserve Bank of India’s policy review meet without giving any explanation or warning.

It is worth to mention here that The Economist has been critical of Prime Minister Narendra Modi’s decision to demonetise Rs 500 and Rs 1000 notes, publishing several analytical articles on the move and pointing out the futility of the decision.  



Pignal, who covers business and finance for the magazine, took to twitter to express his outrage over the RBI’s decision to keep him out of its daily briefings.

Pignal in a series of tweets said, “Amazing stuff: @theeconomist us no longer invited to RBI policy meeting press conferences. Won't let me in. Sad day for transparency.”









However, according to Pignal RBI spokeswoman had told him that decision had nothing to do with The Economist’s critical coverage of demonetisation.


Pignal had been critical of not just the demonetisation policy but the RBI governor not speaking to the media. On December 3, The Economist wrote, “India’s “demonetisation” is a cautionary tale of the reckless misuse of one of the most potent of policy tools: control over an economy’s money. Demonetisation will probably make only limited strides in shrinking the black economy while affecting all of India’s 1.3bn citizens, the poorest most of all.”


RBI on Wednesday, in a surprising move, kept repo rates unchanged at 6.25 per cent ending all the palpitation and expectation of such sops in the currently cash-starved economy.

Market experts and economists were expecting a 0.25 per cent rate cut to support the economy which is recovering from the debilitating shock of the November 8 announcement demonetising 86% of the cash in circulation.