RBI Monetary Policy Meet: Repo rate unchanged at 4%, reverse repo unchanged at 3.35%, FY23 GDP estimates lowered to 7.2% from 7.8%

Concerns over protracted global supply disruptions have rattled the global commodity and financial markets given the significant share of the two economies engaged in war in global production and exports of key commodities like oil and natural gas.

Catch the full speech above from the link provided. 

Governor Shaktikanta Das: Since the last meeeting of the MPC in February 2022, the expected positive benefits from the ebbing of the Omicron wave have been offset by the sharp escalation in Geo political tensions. This has significantly changed the external and domestic landscape. 

Governor Shaktikanta Das: The Central Bank will flush out excess liquidity going forward. 

Governor Shaktikanta Das: FY 23 Q2 GDP estiates lowered from 7 per cent to 6.2 per cent.

Governor Shaktikanta Das: Currency markets to open ay 9 am from 18 April.

Governor Shaktikanta Das: FY 23 Inflation estimates increased from 4.5 per cent to 5.7 per cent.

Governor Shaktikanta Das: FY 23 GDP Q4 estiates lowered from 4,5 per cent to 4 per cent.

Governor Shaktikanta Das: GDP Growth esimates based on the Crude oil price estimated at USD 100/bbl

The RBI has also revised its GDP estimates for FY23 downwards from 7.8 per cent earlier to 7.2 per cent now.

The Reserve Bank Governor said that the Central Bank intends to change its stance going forward.

The Reserve Bank of India on Friday kept key policy rates uncghnaged with repo rate at 4 per cent while increasing the reverse repo rate by 40 bps to 3.7 per cent. The Central Bank Governor in the first monetary policy of FY23 said that the Monetray Policy Committee decided to keep its stance accomodative

RBI Governor Shaktikanta Das's Monetary Policy Speech begins at 10 am