Shaktikanta Das, Governor of the Reserve Bank of India, said that the maintenance of interest rates this time does not mean that the policy has changed, and interest rates may still be raised again in the future.
[Financial Channel/Comprehensive Report] Due to the recent turmoil in the global banking industry, the uncertainty of the global economic outlook has increased.
The Reserve Bank of India unexpectedly kept interest rates unchanged on Thursday (6th) after raising interest rates six times in a row.
After India started this cycle of interest rate hikes in May 2022, the interest rate has been raised from 4% to 6.5%. It was originally estimated that the central bank of India may raise another 1 yard this time, which is 25 basis points, but the result has been disappointing. The outside world was stunned.
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Shaktikanta Das, governor of the central bank, said that although the global economic situation has improved this year, the additional downside risks brought about by the recent turmoil in the banking industry have caused the economy to ease now. It is not a policy shift, and further interest rate hikes are still possible in the future.
The RBI said they stand ready to act on inflation if conditions permit.
Data show that India's consumer price index (CPI) increased by 6.4% in February from an annual increase of 6.5% in January.
The Reserve Bank of India expects an inflation rate of 5.2% in 2023-2024, with an inflation target range of 2-6%.
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