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
 May 3 2015 - Israeli forces destroy hundreds of acres in NablusJordan News Agency
(MENAFN - Jordan News Agency) Israeli forces destroyed hundreds of acres of cultivated lands on Sunday in the Khirbet Al-Tawil area east of Nablus in the West Bank.Member of the Popular Committee ...

 May 3 2015 - WHO pushes the health diplomacy agenda forward in a fourth high level seminar in CairoJordan News Agency
(MENAFN - Jordan News Agency) The World Health Organization Regional Office for the Eastern Mediterranean Saturday started the fourth seminar on health diplomacy in Cairo, Egypt.The seminar is ...

 May 3 2015 - Israeli occupation forces hold military maneuvers in West BankJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces on Sunday started large military training and maneuvers in the northern West Bank.Israeli Radio said that these maneuvers which will last until ...

 May 3 2015 - 650 trucks with goods, construction materials enter GazaJordan News Agency
(MENAFN - Jordan News Agency) Some 650 trucks loaded with commercial goods and construction materials entered the Gaza Strip on Sunday as the Israeli occupation authorities reopened the Karam Abu ...

 May 3 2015 - Muscat Municipality delegation concludes visitJordan News Agency
(MENAFN - Jordan News Agency) A delegation from Muscat Municipality concluded a visit to the Amman Greater Municipality (GAM), during which representatives discussed how they might cooperate and ...

 May 3 2015 - Officials call on Jordanian and Kazakh private sectors to increase cooperationJordan News Agency
(MENAFN - Jordan News Agency) Jordanian and Kazakh officials have called upon the private sectors in both countries to take advantage of investment opportunities, especially after political ...

 May 3 2015 - Results of poll of Ensour's government to be announced tomorrowJordan News Agency
(MENAFN - Jordan News Agency) The University of Jordan's Center for Strategic Studies will hold a press conference on Monday to announce the results of a poll regarding Prime Minister Abdullah ...

 May 3 2015 - Jordan adopts special strategy to counter terrorism, says interior ministerJordan News Agency
(MENAFN - Jordan News Agency) Interior Minister Hussein Majali said Jordan is making every effort to counter terrorism and extremism through developing a strategy involving civil society ...

 May 3 2015 - Iraq voices concern over US Congress billJordan News Agency
(MENAFN - Jordan News Agency) Iraqi Prime Minister Haider Al-Abadi received a telephone call from United States Vice President Joe Biden, in which al-Abadi discussed his concerns over a bill before ...

 May 3 2015 - UAE's Tecom Investments to build USD1.2b 'innovation hub'MENAFN
(MENAFN) Tecom Investments, the member of Dubai Holding and the real estate master developer and operator of Dubai's leading business parks, is set to invest USD1.2 billion creating an innovation hub ...

more...


 






Google

 
 

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