India’s reserve bank shocks market by holding lending rate
The Indian economy is growing well below the pace needed to generate enough jobs for the millions entering the labour market each month
05 December 2019 - 17:25
Mumbai — The Reserve Bank of India (RBI) kept its key lending rate on hold in a shock decision that spooked markets on Thursday, even as it slashed its growth forecast for the economy to its lowest level in over a decade.
The RBI’s monetary policy committee (MPC) was widely expected to deliver its sixth interest rate cut of the year. Instead, the six-member panel unanimously voted to hold the key repo rate at 5.15% while the reverse repo rate was also held at 4.90%...
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