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India cuts interest rates more than expected

by ChemOrbis Editorial Team -
  • 29/09/2015 (12:04)
According to media reports, India’s central bank cut interest rates more than expected on September 29. The country’s central bank lowered the repurchase-agreement rate by 0.5% to 6.75%, cutting rates for the fourth time since the beginning of this year. Wall Street Journal analysts had expected to see a 0.25% cut.

Through the recent rate cut, India’s central bank aims to boost economic growth, which slowed to 7% in the second quarter after expanding at a 7.5% clip in the previous three months. The bank also cut its growth forecasts for this year ending in March to 7.4% from a previously forecasted growth rate of 7.6%.
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