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Financial News: India's Central Bank Keeps Rates On Hold

India's Central Bank Keeps Rates On Hold

02/07/2018 - 04:30:00 (RTTNews)

(RTTNews) - India's central bank kept its key interest rates unchanged on Wednesday, as widely expected by economists.

At the sixth bi-monthly monetary policy session, the Monetary Policy Committee of the Reserve Bank of India decided to maintain the repo rate at 6.00 percent and the reverse repo rate at 5.75 percent.

The bank had lowered the rate by 25 basis points at its meeting in August 2017.

The committee voted 5-1 to maintain the rates, while one member sought a 25 basis point hike.

The central bank forecast GVA growth for 2017-18 at 6.6 percent, instead of 6.7 percent projected in December.

Growth for 2018-19 was projected at 7.2 percent - in the range of 7.3-7.4 percent in the first half and 7.1-7.2 percent in the second half.

Inflation was estimated at 5.1 percent in the fourth quarter of 2017-18. CPI inflation for 2018-19 was estimated in the range of 5.1-5.6 percent in the first half, and 4.5-4.6 percent in the second half, with risks tilted to the upside.

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