RBI monetary policy meeting to start from 6 Feb! No changes in repo rate expected

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Right now, the RBI is supposed to publish its monetary policy immediately following the budget, but nobody is sure if they will see a reduction in their interest rate this time around. Experts predict that the Reserve Bank of India will be able to maintain the current repo rates. This indicates that there is virtually little chance of reducing repo rates this time around.

RBI
This week is the central bank’s monetary policy meeting.

According to experts, and it is doubtful that the RBI will alter the policy rates this time. We would like to inform you that retail inflation is still quite close to the upper bound of the acceptable range. It was last modified in February of 2023. For nearly a year, the Reserve Bank has maintained the short-term lending rate, or repo rate, at 6.5 percent. In February 2023, it was raised from 6.25 percent to 6.5 percent for the last time. July 2023 saw a record high of 7.44 percent for retail inflation, which has subsequently dropped. This is still high, though. In December 2023, retail inflation was 5.69 percent. Maintaining inflation between four percent and two percent is the mandate that the government has placed on the Reserve Bank.

RBI

The meeting will begin on February 6th.

On February 6, the Monetary Policy Committee (MPC Meeting), chaired by the RBI Governor, will start its three-day session. Governor Shaktikanta Das will announce the committee’s decision on February 8. The Bank of Baroda’s Chief Economist, Madan Sabnavis, forecast that the MPC will keep interest rates and policy unchanged. He explained that this is because there is pressure on the food front and rising inflation, based on data from December.

RBI

August 2024 is anticipated for reduction.

According to ICRA Chief Economist Aditi Nair, CPI-based inflation is predicted to decline in the 2024–2025 fiscal year, but the monsoon trend will be crucial to this. He stated that we don’t anticipate any changes to the stance or rates in the next review. There won’t be a rate decrease until August of 2024.

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