RBI implements fourth rate cut of the year
Central bank reduces interest rates by 35bp to 5.4%, as it lowers growth forecasts
The Reserve Bank of India further reduced interest rates today (August 7) in a bid to boost growth and minimise negative effects of global trade tensions.
The monetary policy committee cut the policy repo rate by 35 basis points to 5.4%. It follows three previous 25bp rate cuts implemented earlier in 2019.
“Global economic activity has slowed down since its meeting in June in an environment rendered hostile by elevated trade tensions and geo-political uncertainty,” says the policy statement.
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