did India’s central bank raises interest rates by 50 basis points For the third time in a row, it reached 5.9%.
The Central Bank of India, through this step, aims to curb inflation.
India’s central bank governor, Shaktikanta Das, revised his forecast for the economy’s growth for the fiscal year ending in March to 7% from 7.2% previously, while the central bank kept its inflation forecast at 6.7%.
The Reserve Bank of India, last June, had expected interest rates by 50 basis points to 4.9%.
June is the second month in a row that the Indian “Central” raises interest rates, in an attempt to cool high inflation rates.
It is noteworthy that the Central Bank of India abandoned its adherence to the accommodative policy, which reinforces expectations of further interest rate hikes.