Posted 1/1/2024, 2:24:00 PM
Bank of India Cuts Interest Rate to 4.5% to Spur Growth and Tackle Inflation
- BoI lowers interest rate by 0.25% to 4.5% in bid to boost economic growth and combat inflation
- First rate cut since March 2020; follows 10 consecutive hikes between April 2022 - May 2023
- Move comes as inflation falls to 3.3% in November, with further decrease expected
- BoI maintains 2% growth forecast for 2024, expects robust 5% growth in 2025
- Rate cuts intended to reduce economic uncertainty amid ongoing geopolitical conflict