A fruit vendor waits for customers at a stall in Mumbai on May 4, 2022. India's central bank announced a surprise interest rate hike, as Asia's third-biggest economy reels from galloping inflation in the wake of the Ukraine war. AFPPIXI: India’s central bank raised a key interest rate on Wednesday, its first such rate hike in years, in a bid to control inflation in the country.
“As the war draws on and sanctions and retaliatory actions intensify, shortages, volatility in commodity and financial markets, supply dislocations and, most alarmingly, persistent and spreading inflationary pressures are becoming more acute with every passing day,” Das said. The withdrawal of liquidity through the CRR increase would be about 870 billion rupees , the bank said.
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