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

India's Central Bank Keeps Rates On Hold

10/05/2018 - 05:29:00 (RTTNews)

(RTTNews) - India's central bank kept its key benchmark rates unchanged unexpectedly after tightening the policy at the previous two meetings.

The six-member Monetary Policy Committee of the Reserve Bank of India decided to maintain the repo rate at 6.50 percent. The reverse repo rate was retained at 6.25 percent.

Five members of the MPC including Governor Urjit Patel voted in favor of keeping the policy rate unchanged, while Chetan Ghate sought a quarter-point rate hike.

Taking into account inflationary expectations, the bank had raised the benchmark rate by 25 basis points each in June and August.

RBI forecast 4 percent inflation for the second quarter of fiscal year 2018-19, 3.9-4.5 percent in the second half and 4.8 percent in the first quarter of 2019-20, with risks somewhat to the upside.

The bank noted that oil prices remain vulnerable to further upside pressures and volatility in global financial markets continues to impart uncertainty to the inflation outlook.

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

GDP growth projection for 2018-19 was retained at 7.4 percent, with risks broadly balanced.

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