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India Leaves Interest Rates Unchanged
The Reserve Bank of India has left its key interest rate at 8%, surprising economists who expected the bank would respond to slowing growth by cutting borrowing costs.
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The Reserve Bank of India has left its key interest rate at 8%, surprising economists who expected the bank would respond to slowing growth by cutting borrowing costs.
The central bank says lowering rates would drive consumer prices higher. In an effort to rein in inflation, the RBI has hiked interest rates 13 times since March 2010, and India's consumer prices have eased slightly in recent months.
The Society of Indian Automobile Manufacturers has cited steep interest rates as one of the major reasons that car sales are slowing. Volume crept up 3% to 163,200 vehicles in May. A central bank rate cut could make auto loans more affordable. But the other factors slowing sales rising prices for vehicles and gasoline might be exacerbated by easier credit.
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