The Reserve Bank of India will hold its key interest rate at 6.5 percent through end-March 2024, according to a Reuters poll of economists. | Reuters
The July 13-31 Reuters poll of 75 economists showed the central bank was expected to keep its repo rate at 6.5 percent at its Aug. 10 policy meeting.
A majority said rates will stay there through the first quarter of 2024, followed by 50 basis points worth of cuts by the end of June, around the same time when markets expect the U.S. Federal Reserve to start cutting its rates.In a June survey, economists predicted the RBI to cut the repo rate by 25 basis points by end-March 2024 and another 25 basis points in the April-June quarter.
“They are not going to be very decisive in cutting rates and that is why we believe this pause … may remain for a longer period unless there are clear signs of a slight weakness in growth or core inflation coming down,” said Suman Chowdhuri, chief economist at Acuite Ratings and Research. Among those who offered forecasts until March 2024, a slim majority, 32 of 62, expected rates to hold at 6.5 percent, while 20 saw a cut to 6.25 percent, and 10 said 6 percent or lower.
While a smaller number of forecasters provided rate views well into next year, median forecasts showed no further cuts beyond 6 percent.Subscribe to our daily newsletter
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Review: 2024 Subaru Crosstrek 2.0i-S | CarGuide.PH | Philippine Car News, Car Reviews, Car Prices
Read more »
2024 Nissan Z Gets The NISMO Treatment | CarGuide.PH | Philippine Car News, Car Reviews, Car Prices
Read more »
Ironman 70.3 Lapu-Lapu Cebu: Change of name gives it ‘homey vibes’CEBU CITY, Philippines ---- Paying homage to the Philippines&039; first national hero Lapu-Lapu made the Ironman 70.3 to rebrand the race slated on April 24, 2024 in Mactan Island. The 2024 race
Read more »
BSP eyes 70%of Pinoys having bank accountIn his speech during the BSP 30th anniversary reception for the Banking community Friday night, Remolona said the payment system is one of the challenges the country is facing, aside from the elevated inflation rate. READ MORE:
Read more »
Capital A taps UnionDigital Bank to expand ‘fintech’ business in PHUnionDigital Bank’s collaboration with BigPay, a leading mobile wallet providing financial services in Malaysia and Singapore, solidifies its expansion in the Philippine market. READ MORE:
Read more »
Philippines central bank sees July inflation easing for sixth monthPhilippine headline inflation was expected to ease for a sixth straight month with the central bank on Monday projecting the rate in July to come in between 4.1 percent and 4.9 percent, down from 5.4 percent in June. | Reuters
Read more »