Edward Hugh has a lively and enjoyable Facebook community where he publishes frequent breaking news economics links and short updates. If you would like to receive these updates on a regular basis and join the debate please invite Edward as a friend by clicking the Facebook link at the top of the right sidebar.
Thursday, June 12, 2008
Reserve Bank of India Raises Interest Rates
India's central bank unexpectedly raised interest rates for the first time in 15 months today, joining a global wave of monetary tightening to combat a surge in inflation sparked by food and energy costs. The Reserve Bank of India increased the repurchase rate to 8 percent from 7.75 percent with effect from today, according to a statement in Mumbai. The move came seven weeks before the bank's scheduled monetary policy meeting on July 29.
Posted by Edward Hugh at 8:37 AM