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India’s central bank lowers rate by 0.25%

by ChemOrbis Editorial Team - content@chemorbis.com
  • 02/06/2015 (16:08)
India’s central bank, the Reserve Bank of India, lowered its policy repo rate by 25 basis points to 7.25% on June 2 in order to boost the country’s economy. The central bank cut its rates for the third time this year. The bank also announced that it kept its cash reserve requirements unchanged at 4% and its Statutory Liquidity Ratio steady at 21.5%.

High credit costs, low domestic capacity utilization as well as a slump in the inflation rate were cited as the main reasons behind the bank’s rate cut.

In the first quarter of this year, India’s economy grew 7.5% on a quarterly basis, exceeding China’s growth rate of 7% in the first three months to give India the distinction of being the world’s fastest growing economy.
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