RBI to announce key interest rate decision tomorrow morning as 3-day MPC ends
Mumbai: The Reserve Bank of India (RBI) is set to announce its interest rate decision on Friday morning following the conclusion of a three-day meeting of the Monetary Policy Committee (MPC), amid persistent inflation and sluggish GDP growth.
Experts anticipate that the central bank will likely maintain the repo rate at its current level while potentially adjusting the cash reserve ratio (CRR) to address mixed economic signals.
"Coming up: Monetary Policy Statement by #RBI Governor @DasShaktikanta on December 06, 2024, at 10:00 am," the Reserve Bank shared on the social media platform 'X'.
The six-member MPC, led by RBI Governor Shaktikanta Das, began deliberations on Wednesday to decide the bi-monthly monetary policy stance.
This is the last MPC meeting chaired by Das during his current term, which concludes on December 10.
The RBI has kept the repo rate unchanged at 6.5% since February 2023, when it last increased the rate to its current level.
The Central bank is tasked with maintaining consumer price index (CPI)-based inflation at 4%, with a 2% margin on either side.
In an off-cycle meeting in May 2022, the MPC raised the repo rate by 40 basis points, followed by additional hikes through February 2023, cumulatively increasing the rate by 250 basis points during this period.
The MPC comprises Nagesh Kumar, Director and Chief Executive at the Institute for Studies in Industrial Development; Saugata Bhattacharya, Economist; Ram Singh, Director at Delhi School of Economics; Rajiv Ranjan, RBI Executive Director; Michael Debabrata Patra, RBI Deputy Governor; and Shaktikanta Das, RBI Governor.
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