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Business News/ Economy / ‘Pace of monetary tightening slowed down’: RBI Governor

Reserve Bank of India Governor Shaktikanta Das on Thursday said that the pace of monetary tightening has slowed down but uncertainty remains as inflation is still above the target across the world.

He said that CPI inflation is above the 4% target and will remain over it in FY 2023-34 as per the central bank's forecasts. The real GDP growth for FY24 is projected at 6.5%.

“MPC decides to keep repo rate unchanged at 6.5%, Standing Deposit Facility Rate remains at 6.25%. Marginal Standing Facility Rate and Bank Rate unchanged at 6.75%," he said. 

“Indian economy and financial sector stand out as resilient and the domestic macro fundamentals are strengthening," Das added. 

“Current account deficit is expected to have moderated and remain eminently manageable in 2023-24. Th rupee remained stable since January this year and India’s foreign exchange reserves stood at $595.1 billion as on June 2," the RBI Governor further said. 

RBI MPC decided to keep policy repo rate unchanged at 6.5%.

India's currency in circulation fell for a second week in a row after the central bank removed the largest denomination note in May, urging citizens to deposit it with different banks in an effort to support lender deposits.

The amount of money in circulation decreased by 272.8 billion rupees ($3.30 billion) during the week ending June 2, according to figures released late on Wednesday by the Reserve Bank of India (RBI). In the week ending May 26, it decreased by 364.9 billion rupees.

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Updated: 08 Jun 2023, 10:40 AM IST
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