Central Bank of India kept interest rates
Reserve Bank of India (RBI, the central bank of the country) on Wednesday left unchanged its benchmark interest rate unchanged at 6.25%. The experts considered actions of the Central Bank of the cycle completion signal stimulating monetary policy.
Analysts expected to reduce rates by 25 basis points from the current level in order to support the growth of the Indian economy.
This solution should provide the central bank "flexibility in both directions in the future" - how to reduce, and to increase the rates, the head of the RBI Urdzhita Patel, quoted in a statement the regulator. U.Patel added that the Central Bank is counting on the active recovery of the Indian economy later in the year.
In addition, RBI announced the long-awaited abolition of restrictions on cash withdrawals from bank accounts, writes the Financial Times. In November, India's government withdrew from circulation the biggest bills, and while print new banknotes, the possibility of cashing were limited. According to the deputy governor of the Central Bank Rajiv Gandhi, the limits will be definitively canceled from 13 March.
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