Monday, November 29, 1999

Inflation within RBI`s estimates: Dy Gov

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RBI Deputy Governor K C Chakrabarty said that policy measures will depend upon the changing economic environment and the current inflation is still within RBI estimates."If things change fast, there will be more measures depending upon the environment," Chakrabarty said.Asked whether the current inflation is out of RBI's estimates, Chakrabarty said, "It is not a surprise ... it is not out of RBI's estimates."The wholesale price-based inflation shot passed 10 per cent in May putting pressure on the central bank to hike the policy rates.Referring to RBI's move to buy back government securities, he said that the measure was aimed at easing the liquidity conditions in the system.RBI, yesterday, said that the government will prematurely buy back three types of bonds worth up to Rs 20,000 crore beginning Friday, as liquidity has come under pressure due to much higher 3G and broadband spectrum licence fees, and the first quarter advance tax.

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