RBI Monetary Policy LIVE : RBI keeps Repo Rate unchanged at 4%, Reverse Repo at 3.35%
Real GDP growth pegged at 7.8% in 2022-23 financial year.
Mumbai: In its last bi-monthly monetary policy Review of the current financial year, the Reserve Bank has kept the key rates unchanged keeping in view of high inflation. While, Repo rate has been kept unchanged at 4%, Reverse Repo at 3.35%, bank rate and Marginal standing facility rate at 4.25%. RBI has continued its accommodative stance.
Continued policy support warranted for sustained recovery of the economy, said Das. Real GDP growth pegged at 7.8% in 2022-23 financial year. Inflation projection for 2021-22 is retained at 5.3%. CPI for 2022-23 is projected to ease to 4.5% with Q1FY23 at 4.9%
“On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (February 10, 2022) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 per cent” RBI Govbernor said.
“The reverse repo rate under the LAF remains unchanged at 3.35 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 4.25 per cent. The MPC also decided to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. These decisions are in consonance with the objective of achieving the mediumterm target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth” he added.
The 3-day meeting of the Monetary Policy Committee was originally scheduled to be held from 7-9 February 2022, but in view of public holiday announced by the Maharastra Government on 7th February, the meeting was rescheduled to 8-10 February 2022.