India Central Bank Maintains Policy Stance
08 Fevereiro 2024 - 2:36AM
RTTF2
The Reserve Bank of India decided to leave its benchmark
interest rates unchanged for the sixth straight session on Thursday
as inflation tends to remain in the upper band of the target
range.
The Monetary Policy Committee of the RBI, led by Governor
Shaktikanta Das, voted 5-1 to hold the repo rate at 6.50
percent.
The central bank has lifted the key rate by 250 basis points
since May 2022 to contain inflationary pressures.
At the three-day meeting, the MPC also voted 5-1 to remain
focused on withdrawal of accommodation to ensure that inflation
progressively aligns to the target, while supporting growth.
"The current setting of monetary policy is moving in the right
direction with growth holding firm and inflation trending down to
the target," the statement said.
"Therefore, much has been achieved, but we must remain
vigilant," the bank said.
In December, inflation rose to 5.7 percent, which was close to
the upper band of 2-6 percent tolerance band.
The governor projected headline consumer price inflation to be
5.4 percent in the current fiscal year, unchanged from the previous
outlook. For 2024-25, inflation is seen at 4.5 percent.
The economic growth for 2023-24 was pegged at 7.3 percent on
strong investment activity. Real growth is projected at 7.0 percent
in 2024-25, with risks evenly balanced.
The statement suggests that there is little chance of imminent
policy loosening, Capital Economics' economist Shilan Shah
said.
The monetary policy easing is unlikely to materialize until the
second half of the year as the economy is holding up well and
inflation to remain above the 4 percent target for a few more
months, Shah noted.
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