RBI MPC Meeting Updates: Get Ready for a Big Announcement on June 8th by the RBI Governor
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), headed by Governor Shaktikanta Das, began its meeting on June 6th, 2023, and will continue until June 8th, 2023. The announcement of the decisions taken in the 43rd MPC meeting, held by the RBI Governor, will be made on June 8th, 2023. There are various speculations about what the announcement could be, given that the RBI has already discontinued the use of the ₹2000 note.
What will be the Change in Interest Rates?
Experts believe that the RBI may keep the repo rate unchanged at 6.5% this time, considering the decline in retail inflation in April and the likelihood of further decline in the future. The RBI had halted the increase in the rate in the April meeting. Since then, it has been constant at 6.5%. However, before that, the RBI had increased the repo rate by a total of 250 basis points from May 2022 to control inflation.
Retail inflation, based on consumer price index (CPI), fell to 4.7% in April, which is the lowest in 18 months. The RBI Governor had recently hinted that it could further decrease in May. The CPI announcement for May is expected to be made on June 12th. Madan Sabnavis, the Chief Economist at Bank of Baroda, has stated that the RBI is most likely to maintain a pause on interest rates and keep the repo rate at 6.5% due to the decline in inflation in April and the expected decline in May.
In conclusion, the RBI MPC meeting on June 8th, 2023, is expected to bring some important announcements. Experts believe that the RBI may maintain a pause on interest rates and keep the repo rate at 6.5% due to the decline in inflation in April and the expected decline in May. However, we will have to wait until June 8th to know the actual decisions made by the RBI Governor.
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