Rajan pushes India opening as inflation risk keeps rates on hold
The reforms include freeing up the bond market, targeting price gains and issuing new bank licences
Mumbai
WHILE June's inflation surprise kept Indian central bank governor from cutting interest rates on Tuesday, he sought to push ahead with reforms including freeing up the bond market, targeting price gains and issuing new bank licences.
Sovereign bonds need to have an open, and not a captive market, and the Reserve Bank of India is talking to the government about limits on foreign portfolio investments in debt securities, governor Raghuram Rajan said on Tuesday, spurring the biggest rally in the rupee since June.
Global funds have boosted holdings of rupee-denominated notes this year as Mr Rajan got Prime Minister Narendra Modi's administration to agree on an inflation target, one of the biggest reforms in R…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Bank of Korea chief signals readiness to deal with volatile currency moves
Banks told to anticipate risks from using AI, machine learning
Earthquake jolts southern Japan’s Ehime, Kochi prefectures
Climate impacts set to cut 2050 global GPD by nearly a fifth
G7 foreign ministers meet in Italy amid calls for sanctions on Iran
IMF calls for fiscal restraint in year with most elections ever