Australia's financial regulators scheduled an emergency call on Monday to discuss the impact of the coronavirus outbreak, two sources familiar with the matter told Reuters, as the country looks to reduce the risk of recession.
India's retail inflation likely accelerated to a seven-month high in May on rising food prices, but it is expected to remain well below the target of Reserve Bank of India (RBI), giving it room to ease policy further, a Reuters poll found.
India’s central bank, having changed management last month following a clash with the government, is likely to transfer an interim dividend of 300-400 billion rupees ($4.32 billion-$5.8 billion) to the government by March, according to three sources with direct knowledge of the matter.
Almost all Indian currency notes scrapped two years ago have been returned to the banking system, the country’s central bank said, raising questions about the point of the controversial attempt to tackle illegal money.
The Reserve Bank of India (RBI) will need to gradually tighten monetary policy further due to rising inflation, driven mainly by higher oil prices and a falling rupee, the International Monetary Fund said on Wednesday.
Fostering monetary conditions conducive to economic growth were a constant consideration for Indian policymakers, but would not take priority over achieving the central bank's inflation target, Governor Urjit Patel told a newspaper on Monday.
When India held rates again this month, it was less a sign of confidence in the economy or the end of inflationary fears and more an acknowledgment that the process of monetary transmission — the opaque “black box” through which the wishes of the central bank are passed to the real economy — had somehow broken down.