India’s central bank raised interest rates for the 12th time since the start of March 2010, breaking ranks among the so-called BRIC nations that have either cut or held borrowing costs as the global recovery falters.
The Reserve Bank of India’s recent move to raise two interest rates while keeping the benchmark repurchase rate unchanged doesn’t signal a shift toward a tightening bias, Finance Minister Palaniappan Chidambaram said.
As financial turmoil in Europe threatened to overwhelm the region’s banks last November, Bank of England Governor Mervyn King arranged conference calls with the world’s top central bankers to decide what steps to take.
Mumbai housewife Sangita Shinde sought work in a shopping mall last year to help pay her children’s soaring school fees. Don’t expect to find that jump in living costs reflected in India’s inflation data.