d b a
Posted on: Wednesday, December 7, 2022 – 8:40 am | Last updated: Wednesday, December 7, 2022 – 8:40 AM
India’s central bank decided today, Wednesday, to increase key interest rates for the fifth consecutive time.
The Monetary Policy Committee of the Reserve Bank of India (RBI) voted 5-1 in favor of increasing the key interest rate by 35 basis points to 6.25% with immediate effect, according to Shaktikanta Das, Governor of the Central Bank of India.
Last September, the bank raised the interest rate by 50 basis points, while the total increase in interest rates since last May was 225 basis points to curb inflation.
At the same time, members of the Committee voted 4 to 2 in favor of continuing to focus on withdrawing the accommodative monetary policy.
The Central Bank also kept its expectations for consumer price inflation during the current year at 6.7%. The inflation rate decreased last October to 6.77%, compared to 7.41% last September.
