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RBI MPC minutes: Inflation concerns re-emerge, panel flag need for close monitoring of situation
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Reserve Bank of India stressed the need to monitor the situation closely given the risk of El Nino and uneven rainfall.
«While the vegetable price shocks are expected to correct quickly with the arrival of fresh crops, there are risks to the food and the overall inflation outlook from El Nino conditions, volatile global food prices and skewed monsoon distribution — all of which warrant close monitoring,» said RBI Governor Shaktikanta Das during the recent meeting of the Monetary Policy Committee.
The MPC, which has three members from the central bank and a similar number of external members, met between August 8-10, and held the benchmark repurchase rate (repo) at 6.50 per cent in a unanimous decision.
(More to come)
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