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RBI Hikes CRR, Realty and Banks Surge |
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Author: 123jump.com Staff
123jump.com
Last Update: 4:45 PM EDT April 29 2008
The Reserve Bank of India left its key rate unchanged at 6% and issued a guideline to fight inflation and control liquidity. The central bank hiked cash reserve ratio by 25 basis points to 7.75%. The RBI also said that the inflation for the current fiscal year should be brought down to 5% and in the longer term to 3%. The central bank also estimated the economic growth rate in the current fiscal year between 8% and 8.5%. |
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