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Macroeconomics  |  August 01, 2012 18:28:00

RBI kept interest rates unchanged, revised the outlook


Board Bank of India (RBI) on Tuesday kept interest rates unchanged. The statement said that the current situation, the reduction in interest rates only exacerbated the inflationary impulses, without necessarily stimulate growth. Repo rate remained at 8.0% and reverse repo rate to 7.0%. In April this year, interest rates fell by half a percentage point.

The central bank reduced the statutory liquidity ratio by one percent to 23% with effect from 11 August. The ratio of cash reserves was left unchanged at 4.75%. RBI reduced the CRR last in January and March this year.The latest monetary policy measures should anchor medium-term inflation outlook, maintain liquidity and to facilitate the smooth flow of credit into the economy. The central bank raised inflation projection for 2012/13 ending in March to 7.0% from 6.5% while reducing GDP growth forecast to 6.5% from 7.3%.

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