Page 255 - DECO402_MACROECONOMIC_THEORY_PUNJABI

iekweI-27: modirk nIqI

27.1 modirk nIqI dw Bwv (Meaning of Monetary Policy) È؇

modirk nIqI dw Bwv iek dyS dy kyNdirA bYNk rwhI Apnwey gey swK inXNqRx apwieAW nwl hY[ jonsn modirk nIqI
ƒ ies qrW pirBwiSq krdw hY – “Awm AwriQk nIqI dy audyiSAW ƒ pRwpq krx dy leI kyNdirA bYNk rwhI mudrw
dI nIqI ƒ inXMqirk krx dy Aojwr dy rup iv`c ieh nIqI hY[” jI. ky. Sw iesƒ “mudrw dI mwqrw, pRwpXqw jW
lwgq ƒ bdlwx dy leI modirk pRwiDkwrI rwhI koeI scyq kMm kIqw igAw,”pirBwiSq krdw hY[

27.2 modirk nIqI dy audyS (Objectives or Goals of Monetary Policy)

modirk nIqI dy mu`K audyS ies qrW hY[
1. purx rojgwr (Full Employment) – puurx rojgwr ƒ modirk nIqI dy mu`K audyiSAw iv`c rwiKAw igAw
hY[ ieh iek m`hqvpurx audyS hY ikauik byrojgwrI nwl n kyvl sMBwivq aqpwdn dw nukswn hoieAw hY blik
iehdy iv`c swmwijk pRiqSTw Aqy Awqmsmwn dw vI nukswn hoieAw hY[ iehdy Alwvw ieh grIbI ilAwaudI
hY[ iesleI purx rojgwr pRwpq krxw Kws lox hY[

È؇√ Awm AwriQk nIqI dy audyS ƒ pRwpq krx dy leI kyNdrI bYNk rwhI mudrw dI purqI ƒ
inXMqirq krx dy Aojwr dy rup iv`c hY modirk nIqI[

2. kImq siQrqw (Price Stability) – kImq p`Dr iv`c siQrqw ilAwauxw modirk nIqI dw iek Kws audyS hY[

3. AwriQk viriD (Economic Growth) – hwl dy swlW iv`c modirk nIqI dy m`hqvpurx audyiSAw iv`co dI
iek audyS ieh irhw hY ik ArQ-ivvsQw dI qyjI nwl AwriQk viriD hovy[
4. Bugqwn SyS (Balance of Payments) – 1950 dy swl iv`c modirk nIqI dw iek hor audyS ieh irhw hY
ik Bugqwn SyS sMquln bnwey rwiKAw jwvy[

√ÚÀ ÓπÒª’‰ (Self Assessment)
irkq QwvW ƒ Bro (Fill in the blanks):
1. purx rojgwr ƒ modirk nIqI dy Kws………………… iv`c rwiKAw igAw hY[
2. jd kImqW v`Dx lgidAW hn Aqy auhnW ƒ rokn dI lox huMdI hY qW kyNdrI bYNk ……………… vycdw hY[

27.3 modirk nIqI dy apkrx (Instruments of Monetary Policy)

modirk nIqI kyNdirAw bYNk rwhI Apnwey gey swK-inXMqRx aupwieAW nwl sMbD rKdI hY[ ieh do qrW dy huMdy
hn – (i) mwqwqmk (quantitative) – Awm Aqy ApRiqXkS inXMqRx; (ii) guxwqmk (qualitative) – cXnwqmk
jW is`Dw inXMqRx[ pwihlI SyrxI dy AMdr bYNk dr iv`c bdlwv Kuly bwjwr dy pRcwln aqy pirvrqnSIl AwrSx
lox Swml rihdI hY[ iehdw audyS kmriSXl bYkW dy mwiDAm nwl ArQ ivvsQw iv`c swK dy pury p`Dr dw
inXmn (regulate) krxw hY[ iehdy iv`c pirvrqnSIl sImW apBogqw swK dw inXmn swml rihdy hn[
1. bYNk dr nIqI (Bank Rate Policy) – bYNk dr, kyNdrI bYNk rwhI auDwr dyx dI ah G`t qo G`t dr hY ijdy
qy auh ivinmX dy pwihlI SryxI hNuifAW Aqy kmriSXl bYNk rwhI Dwirq srkwrI pRiqBuiqAW ƒ dubwrw bttw
(rediscount) krdw hY[ jd kyNdrI bYNk vyKdw hY ik ArQ-ivvsQw dy iv`c sPIiqkwrI dbwv pYdw hoxy Suru ho
jWdy hn, qW auh bYNk dr v`Dw iddw hY[ kyNdrI bYNk qo auDwr lYxw mihgw ho jwdW hY Aqy kmriSXl bYNk iedy
nwlo G`t auDwr lYxgy[ kmriSXl bYNk AMgy vpwirAW ƒ auDwr dyx dI ApxI dry v`Dw iddy hn[ ies kwrx

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