Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / IMF welcomes RBI’s rate hike decision
BackBack

IMF welcomes RBI’s rate hike decision

In the context of rising inflation, upside risks due to higher oil prices and exchange rate depreciation, IMF thinks the repo rate hike was an appropriate step by RBI

It was in January 2014 that RBI had last increased the repo rate to 8% to keep the inflation under check. Photo: Aniruddha Chowdhury/MintPremium
It was in January 2014 that RBI had last increased the repo rate to 8% to keep the inflation under check. Photo: Aniruddha Chowdhury/Mint

Washington: The International Monetary Fund (IMF) on Friday welcomed the decision of the Reserve Bank of India (RBI) to increase the repo rate by 25 basis points to 6.25%.

One basis point is one-hundredth of a percentage point.

“We welcome the Reserve Bank of India’s decision to increase the policy rate by 25 basis points," IMF spokesman Gerry Rice told reporters during his biweekly news conference in Washington.

In the context of rising inflation and additional upside risks to the forecasts due to higher oil prices, exchange rate depreciation and other domestic factors, the IMF thinks that this was an appropriate step by the RBI on Wednesday, Rice said.

He was responding to a question on the decision of RBI to increase the interest rate for the first time in the last four years. It was in January 2014 that RBI had increased the repo rate to 8% to keep the inflation under check.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 08 Jun 2018, 12:26 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App