By IANS
Mumbai : Following are the highlights of the review of India's monetary and credit policy for the current fiscal conducted by the country's central bank here Tuesday:
– Bank rate kept unchanged
– Reverse-repurchase rate and repurchase rate kept unchanged
– Cash reserve ratio increased by 50 basis points to 7 percent
– Economic growth projection for 2007-08 retained at 8.5 percent
– Stated priority of containing inflation below 5 percent
– Upward pressures on inflation persist
– Inflation rate declines from 5.9 percent in March to 4.4 percent
– Money supply growth, at 21.6 percent, much higher than projection
– Aggregate deposits of banks grows 24.4 percent
– Non-food credit growth slows to 24.4 percent
– India's foreign exchange reserves at $222 billion as on July 20
– Rupee appreciates 6.63 percent against dollar this year
– Average price for crude up from $56.2 per barrel in January to $73.5 now
– Monetary policy will continue to be vigilant and proactive
– Midterm review of the monetary policy on Oct 30
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