February 3, 2023
Ms.Rajni Thakur, Chief Economist, RBL Bank

Quote from Ms. Rajni Thakur, Chief Economist, RBL Bank on Monetary policy announcement

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Quote – Ms.Rajni Thakur, Chief Economist, RBL Bank

“MPC announcements this morning were largely on expected lines. The markets had broadly priced in 50 bps hikes in Repo rates and any forward guidance would have mattered more than the rate action itself. The policy statement however, stayed away from any explicit forward guidance while remaining consistent on its assessment of growth and inflation trajectory for the economy. Any mention of nature and quantum of intervention, to manage currency faced with huge capital outflows didn’t find a place as well. Nevertheless, given the growth-inflation outlook, further hikes towards 6% terminal repo rate seem imminent, even though the pace of hike will likely be softer going ahead. Continued ‘focus on withdrawal’ indicates further drawdown of excess liquidity as well, in which case, monetary tightening is far from over yet”.

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