India central bank announces surprise rate hike ...Middle East

NEW DELHI: India’s central bank raised a key interest rate on Wednesday, its first such rate hike in years, in a bid to control inflation in the country.The Reserve Bank of India (RBI) raised the lending rate, or the repo rate, by 40 basis points (bps) to 4.40 per cent from 4 per cent after an assessment of the economic situation.The Russia-Ukraine war’s fallout has led to inflationary pressures and the problem is growing globally, RBI governor Shaktikanta Das said in a statement.“As the war draws on and sanctions and retaliatory actions intensify, shortages, volatility in commodity and financial markets, supply dislocations and, most alarmingly, persistent and spreading inflationary pressur

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Last updated : 04 May 2022 clock 05:00 PM

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India central bank announces surprise rate hike ...Middle East

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