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The Central Bank of the Republic of Turkey (CBRT) will continue to effectively use all policy instruments at hand to maintain price stability in 2019, according to its new fiscal and monetary policy for the new year announced Wednesday.

The RBI also slashed its inflation projection to 2.7-3.2 per cent by March-end from its prior view of 3.9-4.5 per cent.

Having resisted any temptation to jack up rates in October when the rupee was sliding to a record low against the dollar, the Reserve Bank of India has been vindicated by the currency's subsequent recovery, and by waning inflationary pressures thanks to falling food and oil prices.

Since embarking on a tightening cycle in June, the RBI has raised its policy repo rate by 50 basis points, with the last increase to 6.50 percent made in August. Hence, given the assessment that growth will likely remain healthy for the rest of the year, the MPC retained its stance at "calibrated tightening" so as to buy time to pause, reflect and undertake future policy action with more robust inflation signals.

The RBI also held its economic growth forecast for the fiscal year 2018/19 ending in March at 7.4 per cent.

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Consequently, the reverse repo rate under the LAF remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.

This is for the second time in a row that the central bank did not tinker with the interest rate.

Over the past five years, annual inflation saw its lowest level in April 2013, with 6.13 percent, and its highest level this October. Economists suggested that the RBI kept its stance unchanged as it may be too early to alter its stance.

A pause in rate hikes is a welcome relief for Prime Minister Narendra Modi's ruling party as it prepares for an election that must be called by May. "We perceive that India is slowly entering into a low inflation, slowing growth quadrant".

Policymakers have to nurse the shadow banking sector after a series of debt defaults by a major infrastructure lender.


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