Indian bank announces interest rate cuts for the 5th time in today’s meeting
The Reserve Bank of India has a unanimous resolution to lower the repo rate, which is the policy interest rate. At today’s monetary policy meeting, it dropped by 0.25% to 5.15%, in line with analysts’ expectations.
In addition, the central bank has resolved to reduce the interest rate of the reverse repo rate, which is the interest rate that the central bank uses for borrowing from commercial banks to 4.90%
The said interest rate cut is considered a rate cut in the 5 consecutive monetary policy meetings. In an effort to stimulate the economy, which had the lowest growth in 6 years
The central bank said it would continue to use monetary easing as long as necessary to stimulate economic growth. And control inflation to stay within the target
In addition, the central bank lowered its economic growth forecast for 2020 by 6.1% from 6.9% after lower than expected in the first quarter, while the economy is expected to grow 5.3% in the quarter. 2, 6.6% in the 3rd quarter and 7.2% in the 4th quarter
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