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RBI to inject liquidity further

 

 

Indian Economic Update

 

  • The Reserve Bank of India (RBI) announced plans for two more long-term repurchase auctions in the coming weeks. RBI will offer INR 250 billion each in the next two Long Term Repo Operations (LTROs) for 3-year tenures as part of its plan to inject a total of INR 1 trillion.
  • US President Mr Donald Trump announced the United States would sign a USD 3 billion defence deal with India. He emphasised that the US would become India's premier defence partner.
  • The key takeaway from the Feb 2020, RBI Monetary Policy Committee (MPC) Minutes is that while the committee is inclined to support growth (with the Governor underscoring its importance for financial stability) through further rate action, concerns on elevated inflation is leading it to be on a hold.

 

Global Update

 

  • More coronavirus cases were reported in countries other than China in the past 24 hours. New infections were diagnosed in countries from Pakistan to Brazil, which reported the first case in Latin America, while Italy and Iran confirmed additional patients with the disease.
  • Hong Kong Financial Secretary Mr Paul Chan announced an HKD 120 billion (USD 15.4 billion) relief package, in an effort to shore up economic confidence in a city battered by political unrest and the coronavirus.
  • Bank of Korea unexpectedly maintained status quo in its policy despite a downgrade to its growth forecast for the year.