Reserve Bank’s decision to maintain status quo on interest rates has been influenced by external sector considerations, specially the widening current account deficit, Chairman of Prime Minister’s Economic Advisory Council, C. Rangarajan, has said.
“Yes, I think it is a difficult choice. The RBI has taken a cautious stand...the decision has been largely influenced by the external sector consideration. The current account deficit (CAD) is high and more recently the rupee has been under pressure. This appears to have been a major factor influencing the RBI to pass this stand,” Mr. Rangarajan said post-RBI policy announcement.
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