If the government of a country wants to create money, then in exchange for that money, 1:1 Ratio USD, Gold, Silver etc. should be backed up with valuable assets.
The World Bank is allowed to create money by showing the Backup Fund, if it wants to print 10M rupees, then 10M valuable assets or foreign currency must be kept as a backup.

This is our thinking and recommend of economist but this is not truely happening in this modern world since 1971 after Nixon's Shock. You can google the term Nixon Shock to get the depth of modern money printing system. And surely it will shock you as well.

Modern central banks need only paper, ink, printing machine and will to print money nothing else. Backup of gold or foreign currency is only a concept. Almost no central bank in the World is maintaining it. That's the reality. The more a central bank print the more its users lose their money every year in the form of inflation.