rbi governor_statement, 2023-02-08
We accorded primacy to price stability over growth in April 2022; we instituted a major reform in the monetary policy operating procedure through the introduction of the standing deposit facility (SDF); we restored the width of the policy corridor to its pre-pandemic level; we raised the repo rate by 40 bps and the cash reserve ratio (CRR) by 50 bps in an off-cycle meeting in May; we shifted the policy stance to focus on withdrawal of accommodation; we continued the rate tightening cycle in every meeting of the MPC; and we adopted a nimble and flexible approach to liquidity management by conducting both variable rate reverse repo (VRRR) and variable rate repo (VRR) operations as per requirement.
Sentiment: neutral
Topic: mp_interest_rate