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08 Aug, 2024 11:46 AM

RBI Keeps Key Interest Rate Unchanged to Tackle Inflation

RBI Keeps Key Interest Rate Unchanged to Tackle Inflation

Mumbai, August 8: Reserve Bank of India (RBI) Governor Shaktikanta Das announced today that the Monetary Policy Committee (MPC) has decided to keep the key interest rate unchanged at 6.50% for the ninth consecutive time. The MPC met from August 6 to August 8 to review the monetary policy.

The decision to maintain the repo rate aligns with the central bank's ongoing efforts to control inflation and bring it down to the target of 4%. RBI is prioritizing domestic considerations despite expectations of rate cuts by the US Federal Reserve. She emphasized the RBI's cautious stance on inflation, citing pressures from rising prices of perishables and tariff adjustments.

In the previous meeting in June, the MPC also kept the repo rate at 6.5% and upheld its stance of 'withdrawal of accommodation'. The RBI had then revised the GDP growth forecast for FY25 to 7.2%, up from 7%, while maintaining the inflation forecast at 4.5%.

Upcoming MPC meetings are scheduled for October 7-9, December 4-6, and February 5-7, 2025.




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