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April 19, 2001
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Lower interest rates to exporters welcome: Sinha

Union Finance Minister Yashwant Sinha on Thursday expressed satisfaction at RBI's bias toward easing interest rates further.

It would be possible for the government to create an environment which would enable the central bank to further lower interest rates, he told reporters.

Sinha said he was pleased by the move to lower interest rates on loans to exporters.

''I'm encouraged by the RBI's bias for further softening of interest rates in the course of the year. I think it will be possible for all of us to create such a situation to enable the RBI to further soften interest rates,'' he said.

Despite the US Fed cut in interest rate by 50 basis point, the RBI did not reduce bank rates in its Monetary and Credit Policy statement for 2001-02, but favoured a low interest rate regime.

This was interpreted by analysts as bias towards softer interest rates.


Monetary & Credit Policy 2001-2002 (First Half)

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