This information may make you happy if you have plans to borrow money from the bank for a home loan, auto loan, or any other type of loan. In the upcoming bimonthly policy review, the RBI is not anticipated to change the interest rate for the third time. The repo rate is expected to stay at its current level, according to experts. According to experts, domestic inflation is still within the RBI-mandated range despite increases in the critical rates of the US Federal Reserve and the European Central Bank.
RBI – The repo rate is still 6.5 percent
Starting in May of last year, the RBI began raising interest rates. However, the repo rate has stayed at 6.5 percent since February of this year. In the previous two bimonthly policy reviews in April and June, it remained unaltered. The six-member Monetary Policy Committee (MPC), which is presided over by the governor of the RBI, will convene from August 8 to 10. On August 10, Governor Shaktikanta Das will make the announcement regarding the policy.
Bank of Baroda Chief Economist Madan Sabnavis stated
“We expect that RBI will maintain the status quo on rates.” The bank’s rate is now below 5 percent. This is due to the fact that the inflation rate is now under 5%. However, there is a chance of some increase given the rise in inflation in the upcoming months. Kotak Mahindra Bank’s chief economist, Upasana Bhardwaj, said: “Since the liquidity position has become favorable after the announcement of the withdrawal of the Rs 2,000 note, we expect the RBI to stick to the current stance.”
According to Upasana Bhardwaj
Everyone’s attention will be on the path of domestic inflation. According to ICRA Chief Economist Aditi Nayar, the increase in vegetable prices will cause the CPI, or retail inflation, to surpass 6% in July 2023. With the current repo rate position, he claimed, the MPC will likely make a fairly scathing remark.
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