On the basis of an assessment of the current and evolving macroeconomic situation at its meeting , the Monetary Policy Committee (MPC) decided to:
- keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25 per cent.
Consequent upon the narrowing of the LAF corridor as elaborated in the accompanying Statement on Developmental and Regulatory Policies, the reverse repo rate under the LAF is at 6.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate are at 6.50 per cent.
The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth. The main considerations underlying the decision are set out in the statement below.
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MAHENDRA GURU