Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

India's central bank keeps interest rates unchanged  Join our daily free Newsletter

MENAFN - The Peninsula - 17/06/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) India's central bank kept its benchmark interest rates unchanged on Monday after three successive cuts this year, due to inflationary concerns, weak global factors and a falling rupee.

After meeting in the financial capital Mumbai, the Reserve Bank of India (RBI) said the benchmark repo rate, at which it lends to commercial banks, would be on hold at 7.25 percent, as expected by most economists.

The cash reserve ratio the percentage of deposits banks must keep with the central bank was also kept unchanged at 4.0 percent.

The RBI's decision to keep rates unchanged had been forecast by economists due to a weakening rupee, which hit a record low of 58.98 against the dollar last week.

A cut in interest rates would lead to an even weaker rupee, push up the cost of imports and widen the current account deficit, which hit a record 6.7 percent of gross domestic product in the last quarter of 2012.


The RBI also expressed concern over stubborn headline inflation, although this cooled to a more than three-year low of 4.7 percent year-on-year in May, according to data last week.

Business leaders however want the RBI to lower borrowing costs further to help kick-start the economy, which has been growing at a decade low of 5.0 percent.

India's manufacturing activity also dropped to a 50-month low in May, fuelling further growth concerns about the strength of Asia's third largest economy.

The Congress party government, led by Prime Minister Manmohan Singh, has been battered by a spate of corruption scandals and is keen to revive economic growth before facing voters in general elections due in 2014.

 


The Peninsula




  MENA News Headlines
 Feb 13 2016 - Saudi Arabia to work on reducing emissionsMENAFN
(MENAFN) Saudi Arabia realizes the importance of renewable energy in the economic and social growth, and all people have the right to have reliable energy sources.Additionally, the fossil fuel will ...

 Feb 13 2016 - Germany to offer USD 566mn in credits to IraqMENAFN
(MENAFN) Germany will offer USD 566mn worth of credit to Iraq in order to help it with the sharp downturn in global oil prices and its will do it best.Furthermore, Germany will stabilize Iraq with ...

 Feb 13 2016 - Qatar's consumption will grow to 39.6 percentMENAFN
(MENAFN) Qatar's investments of its GDP increased to 39.6 percent in Q2 last year from 32.4 percent in 2014 on stable government capital spending.Moreover, the nation's consumption grew to 20.8 ...

 Feb 13 2016 - Suspected jihadist will not recover Swiss passportThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The Swiss Federal Criminal Court has upheld the decision of the Swiss Attorney General’s Office to confiscate the Swiss passport and identifying ...

 Feb 13 2016 - Turkey praises planned Syria cessation of hostilitiesThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey has praised an agreement between major powers to cease hostilities in Syria to provide humanitarian aid as “an important step” toward ...

 Feb 13 2016 - Split over PYD continues between US TurkeyThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The split betweenAnkaraand Washington over the designation of the Syrian Kurdish Democratic Union Party (PYD) continues to rumble on though U.S. Secretary of ...

 Feb 13 2016 - Turkey to provide 1.5 million in health aid to GazaThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey has said it has transferred $1.5 million to the WHO’s Palestine Representation in order to assist health institutions in Gaza. The announcement ...

 Feb 12 2016 - Turkey Iran to boost dialogue says diplomatThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey and Iran have agreed to continue “enhancing dialogue” a Foreign Ministry official told Anadolu Agency on Friday. Umit Yalcin's remarks ...

 Feb 12 2016 - Turkish FM: Russian airstrikes rule out Syria cease fireThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Foreign Minister Mevlut Cavusoglu on Friday said peace could not be maintained in Syria unless Russia halts its airstrikes. Speaking to the media ahead of ...

 Feb 12 2016 - CIA: Islamic State has chemical weaponsThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) The director of the Central Intelligence Agency said Islamic State fighters in Syria have used chemical weapons. John Brennan said there are a number of ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help