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Financial News: India Hikes Key Rates By 25 Bps

India Hikes Key Rates By 25 Bps

06/06/2018 - 05:24:00 (RTTNews)

(RTTNews) - India's central bank raised its key interest rates unexpectedly after maintaining status quo for four straight meetings.

The Monetary Policy Committee of the Reserve Bank of India, on Wednesday, decided to lift the repo rate by a quarter point to 6.25 percent from 6.00 percent.

The reverse repo rate was adjusted to 6.00 percent from 5.75 percent. Despite the rate hike, the bank said the monetary policy stance remains neutral.

The committee reiterated its commitment to achieving the medium-term target for headline inflation of 4 percent on a durable basis.

Policymakers observed that a major upside risk to the baseline inflation path in the April resolution has materialized, namely, 12 percent increase in the price of Indian crude basket.

Projected consumer price inflation for 2018-19 was revised to 4.8-4.9 percent in the first half and 4.7 percent in the second half, including the House Rent Allowance impact for central government employees.

GDP growth outlook for 2018-19 was retained at 7.4 percent as in the April policy. GDP growth was projected in the range of 7.5-7.6 percent in the first half and 7.3-7.4 percent in the second half, with risks evenly balanced.

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