Thursday, April 17, 2008

CRR raised by 50 bps

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The Reserve Bank of India has hiked CRR by 50 bps to 8% in two stages to contain inflation expectations. The first 25 bps CRR hike will be effective April 26 while the second 25 bps hike will be effective May 10. This hike in CRR would drain Rs 18,500 crore from the system.
It was not expected that the hike would come as early as this because the credit policy announcement was expected on April 29. But it looks like the RBI have chosen after looking at today’s inflation figures not to wait until April 29.
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