Consequently, the standing deposit facility (SDF) rate stands adjusted to 4.65 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 5.15 per cent. Based on an assessment of the macroeconomic situation and the outlook, the MPC voted unanimously to increase the policy repo rate by 50 basis points to 4.90 per cent, with immediate effect. Against this background, the Monetary Policy Committee (MPC) met on 6th, 7th and 8th June 2022. We will remain focused on bringing down inflation closer to the target and fostering macroeconomic stability.ĭecisions and Deliberations of the Monetary Policy CommitteeĤ. Our approach underscores a commitment to move towards normal monetary conditions in a calibrated manner.
We have already reprioritised our policies to control inflation, without losing sight of the growth requirements. Similar to our resolute and timely actions to limit the economic damage emanating from the COVID-19 pandemic, the Reserve Bank will continue to be proactive and decisive in mitigating the fallout of the ongoing geopolitical crisis on our economy. In these circumstances, we have started a gradual and orderly withdrawal of extraordinary accommodation instituted during the pandemic.ģ.
#Fallout 3 quickmenu series
A large part of the rise in inflation is primarily attributed to a series of supply shocks linked to the war. On the other hand, inflation has steeply increased much beyond the upper tolerance level. The recovery has gained momentum despite the pandemic and the war. During these difficult and challenging times, the Indian economy has remained resilient, supported by strong macroeconomic fundamentals and buffers.
The process of economic recovery in EMEs is also getting affected.Ģ. Emerging market economies (EMEs) are facing bigger challenges from increased market turbulence, monetary policy shifts in advanced economies (AEs) and their spillovers. Not surprisingly, central banks are reorienting and recalibrating their monetary policies. The war has led to globalisation of inflation. Countries across the world are facing inflation at decadal highs and persistent demand-supply imbalances. As a result, food, energy and commodity prices remain elevated. The war in Europe is lingering and we are facing newer challenges each passing day which is accentuating the existing supply chain disruptions. In my statement of May 4, 2022, I had mentioned that as we navigate through this difficult period, it is necessary to be sensitive to the new realities and incorporate them into our thinking.
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