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Tuesday, August 19, 2008

India's interest rates seen to be near peak.





India's interest rates seen to be near peak. According to the Business Times, State Bank of India (SBI) Chairman O P Bhatt stated recently that interest rates in India had almost peaked. In order to control inflation, the Reserve Bank of India (RBI) last month increased its key lending rate to a seven- year high of 9%. As a result, Indian commercial banks have increased their interest rates, with the SBI increasing its lending rate to 13.75% on Tuesday. In support of the assessment that interest rates are peaking, Bhatt cited the downtrend in oil and commodity prices, a good monsoon, the reduction in the demand pull from the Beijing Olympics and the global economic slowdown.







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