Highlights of RBI's monetary policy statement
- Country:
- India
Following are the highlights of the RBI's 5th bi-monthly monetary policy statement of 2019-20:- * Repo rate or short-term lending rate unchanged at 5.15 pc;
* GDP growth forecast lowered for current fiscal to 5 pc from 6.1 pc earlier; * Various high frequency indicators suggest demand conditions remained weak;
* RBI continues with accommodative monetary stance to revive growth; * Recognises that there is monetary policy space for future action;
* Retains retail inflation projection for second half of year raised to 5.1-4.7 pc; * RBI notes monetary transmission to improve going forward;
* Foreign exchange reserves stood at USD 451.7 bn on Dec 3, up USD 38.8 bn over March-end 2019; * All members of rate-setting Monetary Policy Committee (MPC) voted for rate pause;
* Next monetary policy review meet scheduled during February 4-6, 2019.
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