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Central Bank Watch

Reserve Bank of India: Playing It Safe

By Kunal Kumar Kundu
Feb 9, 2012 2:00:00 PM | Last Updated

The RBI’s January 24 decision to keep the repo rate unchanged while cutting the CRR was in line with our expectations. While the CRR cut was greater than we anticipated, the rationale for the decision (as described in the press release) mirrored our thoughts. Although inflation eased in December, we believe that it was more due to a base effect than a real easing of inflationary pressure. Despite negative food inflation, there was no widespread price fall. Oil prices remain high; and INR depreciation and the rising fiscal deficit add to the inflationary pressure. Unsurprisingly,[...]

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