India Holds Key Rates As Inflation Remains Elevated
2020年12月4日 - 12:12PM
RTTF2
India's central bank left its key interest rates unchanged on
Friday, for the third straight meeting as elevated inflation
provided little space for policy maneuver that is needed to support
the economy hit hard by the coronavirus pandemic.
The Monetary Policy Committee, led by Governor Shaktikanta Das,
voted unanimously to maintain the policy repo rate at 4.00 percent.
The reverse repo rate was retained at 3.35 percent.
The Marginal Standing Facility, or MSF rate, and the Bank rate
were also left unchanged at 4.25 percent.
The last change in the benchmark rate was a 40 basis point cut
in May, which took the cumulative reduction since February 2019 to
250 basis points.
The six-member committee decided to continue with the
accommodative stance as long as necessary - at least during the
current financial year and into the next financial year, to revive
growth on a durable basis and mitigate the impact of Covid-19 on
the economy. After the three-day meeting, Das said inflation is
likely to remain elevated constraining monetary policy at the
current juncture from using the space available to act in support
of growth.
Consumer price inflation is projected at 6.8 percent in the
December quarter of 2020 and 5.8 percent in the next quarter.
Inflation is seen between 5.2 percent and 4.6 percent in the
first half of the financial year 2021-22, with the risk broadly
balanced.
India's economic contraction slowed to 7.5 percent in the
September quarter, but economy entered a technical recession for
the first time ever.
The central bank projected real GDP to fall 7.5 percent in the
financial year 2020-21 versus the previous forecast of a 9.5
percent contraction.
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