TIL Desk/Business/Mumbai/ The Reserve Bank of India will conduct another six months US dollar/rupee sell-buy swap on March 23 to ensure that financial markets and institutions remain sound and resilient in the wake of deadly coronavirus pandemic, Governor Shaktikanta Das said on Monday.
It will also conduct long term repo operation (LTRO) in multiple tranches up to a total amount of Rs 1 lakh crore at the policy rate. This will be followed by a review of performance of LTRO.
“The RBI has been taking calibrated measures to stabilise financial markets. COVID-19 pandemic is a human tragedy. Financial markets are witnessing volatility. Efforts are being mounted against COVID-19 on a war footing,” said Das.
The decision on interest rate cut will be taken by RBI’s monetary policy committee (MPC) in the next meeting scheduled for March 31 to April 3, he added.
Das
said the global economy is expected to witness a slowdown with growth rate declining
between 0.4 to 1.5 per cent. India is relatively insulated from global value
chain, but there will be some impact.
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