RBI May Increase Repo Rate By 35 BPS In Monetary Review Reserve Bank Of India
RBI MPC Meeting: The meeting of the Monetary Policy Committee...
RBI MPC Meeting: The meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is scheduled to be held next week. RBI may increase the policy rate repo by 0.35 percent in its meeting next week. This has been estimated in a report by American brokerage company BofA Securities.
Meeting will start on August 3
The report said that with the increase in the repo rate, the policy stance can be consciously tightened. The report has been released ahead of the MPC meeting. The meeting of the committee will start from August 3 and the monetary policy review will be presented on August 5.
Raised interest rates to control inflation
The Reserve Bank had increased the policy rate by a total of 0.90 percent in May and June to control rising inflation. Retail inflation has moved outside the central bank’s satisfactory level of two to six per cent.
There may be an increase of 0.35 percent
Referring to the monetary policy review of April, the brokerage company said that the central bank has effectively increased the policy rate by 1.30 percent. At that time the apex bank had started the permanent deposit facility. According to the report, we estimate that the Monetary Policy Committee can increase the repo rate by 0.35 percent to 5.25 percent. This is more than the pre-covid level. At the same time, by changing the liberal stance, it can adopt the path of toughness with understanding.
How much can GDP live?
It said that the MPC may retain the consumer price index-based inflation and real GDP (Gross Domestic Product) growth forecast for the fiscal year 2022-23 at 6.7 per cent and 7.2 per cent, respectively.
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