India: RBI Cuts Interest Rates
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January 29, 2013 - 3:12am
Econintersect: The Reserve Bank of India (RBI) has announced just minutes ago that it is cutting interest rates from 8% to 7.75%. This move had been widely expected and was the first decrease in interest rates in nine months. An additional easing, which was not so widely expected, saw reserve requirements eased. Banks will now be required to hold 4% of their deposits as reserves with the RBI. The previous reserve ratio had been 4.25%. According to the Financial Times this will add $3.4 billion of liquidity to the banking system.
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