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MPC members argued for front-loading rate hikes
Business Standard|May 19, 2022
External member Jayanth Varma said 100 bps rate hike required 'very soon'
- MANOJIT SAHA
MPC members argued for front-loading rate hikes

Most members of the monetary policy committee (MPC) argued for front-loading interest rate hikes in view of rapidly rising inflation during the off-cycle monetary policy review earlier this month - the minutes of the meeting published on Wednesday showed. In early May, the rate-setting committee met unscheduled and unanimously decided to hike the repo rate by 40 bps. This was the first repo rate hike in four years, and an inter-meeting hike in more than a decade.

External member Jayanth Varma clarified that MPC meetings outside the annual calendar are at the sole discretion of the Governor based on his opinion that an additional meeting is required.

"It appears to me that more than 100 basis points of rate increases need to be carried out very soon. My preference, therefore, is for a 50 basis points increase in the repo rate in this meeting," Varma said. He, however, voted for a 40-bps rate hike along with the other members because 40 bps is not materially different for 50 bps.

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MPC members argued for front-loading rate hikes
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هذه القصة مأخوذة من طبعة May 19, 2022 من Business Standard.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

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