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This is an archive article published on October 16, 2008

Too early to say if more needed: Subbarao

Subbarao said it was too early to say whether more measures were needed to staunch the effects of the global financial crisis.

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The Reserve Bank of India governor said on Thursday it was too early to say whether more measures were needed to staunch the effects of the global financial crisis on India8217;s markets.

8220;It8217;s too early for me to say,8221; Duvvuri Subbarao said when asked whether he was contemplating further steps to ease liquidity conditions in the financial system.

On Wednesday, the Reserve Bank of India RBI cut the cash reserve ratio CRR, the percentage of deposits banks have to park with it, by 100 basis points to 6.5, after lowering it from 9 percent to 7.5 percent last week.

8220;As I said several times before, we are monitoring the situation on a continuous basis. 8230; we will continue to monitor the situation and as of now everything is under control,8221; Subbarao said after a RBI board meeting in Bardez in Goa.

The RBI is scheduled to hold its quarterly monetary policy review on Oct. 24.

 

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