Reserve Bank of India hikes repo rate, keeps most key interest rates stable

Tuesday, October 31, 2006

The Reserve Bank of India (RBI) has hiked the repo rate by 0.25 percent to 7.25 percent, keeping the reverse repo rate unchanged at 6%.

The Bank rate and the cash reserve ratio are left unchanged at 6% and 5% respectively.

In its mid-year review of monetary and regulatory policy, the Reserve Bank has forecast an annual GDP growth of 8.0%, as against the 7.5-8.0% forecast earlier in its annual policy statement and first quarter review. The Reserve Bank indicated that inflation will be contained between 5.0-5.5%, during the year 2006-07.

The Reserve Bank estimated real GDP growth in the first quarter of 2006-07 at 8.9%, up from 8.5% last year.

Sources

Take heart! No interest hike for now — CNN-IBN, October 31, 2006
RBI keeps most key interest rates stable, hikes repo — The Hindu, October 31, 2006
Press Trust of India. RBI lifts repo rate to 7.25 pc, leaves others steady — Hindustan Times, October 31, 2006
RBI hikes repo rate — NDTV, October 31, 2006
RBI hikes repo rate; bank rate, CRR unchanged — Rediff, October 31, 2006
India faces tough call on rate hike — The Economic Times, October 31, 2006
Press Release: RBI Governor announces Mid-term Review of Annual Policy for 2006-07 — Reserve Bank of India, October 31, 2006

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