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India’s central bank cuts interest rates to 5 year-low

by ChemOrbis Editorial Team -
  • 05/04/2016 (13:48)
According to media reports, the Reserve Bank of India (RBI) cut its main interest rate by 25 basis points to 6.5% from 6.75%, bringing its repurchase rate to the lowest levels seen in five years. The bank’s decision was in line with the Wall Street Journal economists’ expectations.

The bank cited lower inflation as the main reason behind the rate cut, adding that inflation is expected to decelerate modestly and remain around 5% during the current fiscal year. The RBI also stated that a reduction in the policy rate will help strengthen private investment and aid the government’s initiatives. The bank expects the Indian economy to grow by 7.6% this year.
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