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Monetary Policy
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Monetary Policy Decisions
MPC Meeting of August, 2003
- Reduction of Minimum Rediscount Rate (MRR) by 150 basis points to 15.0 per cent with effect from August 17, 2003;
- Changed the frequency of MPC Meetings from fortnightly to monthly;
MPC Meeting of June, 2003
- While a change in the stance of monetary policy was not considered as desirable, the need for greater fiscal prudence was emphasized.
MPC Meeting of April, 2003
- No additional policy action was introduced during the month.
MPC Meeting of March, 2003
- No new monetary policy action was introduced during the month.
| Facts : 1/1/1995 |
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| National Clearing System Re-Visited:In January 1995, a revised clearing rule became operational to facilitate effective clearing of financial instruments and shorten the period of clearing. Consequently, inter-state cheque clearing time was reduced from 21 days to 15 days, while intra-state clearing has been reduced from 12 days to 9 days. |
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