The easing cycle has ended for the moment, the Reserve Bank, one of the most aggressive rate cutters among central banks in emerging markets since the outbreak of Covid-19, has signalled.

Its monetary policy committee (MPC) ended a meeting on Thursday without a reduction for the first time in 2020. The MPC left the repo rate at 3.5% and said its modelling suggests that rates may start rising in 2021, even as it forecast a deeper economic contraction and slower inflation...

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