Optimal communication is the gold standard for all central bankers, said Reserve Bank of Indias Deputy Governor, Michael Debabrata Patra on Friday. Speaking at the High-Level Policy Conference of Central Banks in the Global South organised by the RBI on its 90th year in Mumbai, Patra emphasised the importance of effective communication in monetary policy. Underscoring the delicate balance between transparency and descretion, he said, The optimal level of communication remains the gold standard for all central bankers - too much can create a signal extraction problem while too little can keep the markets guessing.He further added that the lessons of the global financial crisis and Covid-19 pandamic further cemented the role of communication as a a policy instrument.