RBI’s monetary policy statement: Highlights

PTI Mumbai | Updated on December 05, 2019 Published on December 05, 2019

Following are the highlights of the Reserve Bank of India’s (RBI) fifth bi-monthly monetary policy statement of 2019-20:

* Repo rate or short-term lending rate unchanged at 5.15 per cent;

* GDP growth forecast lowered for current fiscal to 5 per cent from 6.1 pc earlier;

* Various high frequency indicators suggest demand conditions remained weak;

* RBI continues with accommodative monetary stance to revive growth;

* Recognises that there is monetary policy space for future action;

* Retains retail inflation projection for second half of year raised to 5.1-4.7 per cent;

* RBI notes monetary transmission to improve going forward;

* Foreign exchange reserves stood at $451.7 billion on December 3, up $38.8 billion over March-end 2019;

* All members of rate-setting Monetary Policy Committee (MPC) voted for rate pause;

* Next monetary policy review meet scheduled during February 4-6, 2020.

Published on December 05, 2019
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