Highlights of central bank’s monetary policy review
October 27th, 2009 - 1:50 pm ICT by IANS ( Leave a comment )Mumbai, Oct 27 (IANS) Following are the highlights of the half-yearly review of India’s monetary policy for 2009-10, conducted by Reserve Bank Governor D. Subbarao:
- Statutory liquidity ratio hiked to 25 percent from 24 percent
- Bank rate left unchanged at 6 percent
- Repurchase rate left unchanged at 4.75 percent
- Reverse repurchase rate left unchanged 3.25 percent
- Cash reserve ratio left unchanged at 5 percent
- Annual inflation rate to 6.5 percent by the end of March
- Retains growth projection for the country’s economy at 6 percent for current fiscal
- Vigil on inflation trends to respond swiftly and effectively
- Monitor liquidity situation closely and manage it actively
- Maintain a regime of price and financial stability with support for growth
- Final guidelines on repo in corporate bonds will be issued by end-November
- Futures trading to be also allowed in Euro, Yen, Pound-Sterling
- Combined net borrowing of central, state governments to be 34 percent higher than earlier evaluated
- Special term repo for mutual funds, and non-banking and housing finance firms discontinued
- Third quarter review of policy on Jan 29
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Tags: annual inflation rate, cash reserve ratio, corporate bonds, economy, finance firms, financial stability, futures trading, growth projection, jan 29, liquidity situation, monetary policy, mutual funds, pound sterling, regime, repo, reserve bank governor, state governments, statutory liquidity ratio, vigil, yen
