In Charts I Coronavirus crisis: Magnitude of RBI rate cut and how it compares with peers'
Reserve Bank of India (RBI) governor announced a massive 75 basis points cut in repo rates. This was the 5th biggest repo rate cut by RBI in the last two decades.
March 27, 2020 / 05:31 PM IST
Reserve Bank of India (RBI) governor Shaktikanta Das, on March 27, announced a massive 75 basis points cut in repo rate as a measure to counter the economic slowdown caused by the COVID-19 pandemic. This was the fifth biggest repo rate cut by RBI in the last two decades. Repo rate now stands at 4.40 percent vs 5.15 percent earlier.
Due to the coronavirus pandemic, central banks of major economies have taken a step to cut the rate and also announced the stimulus packages to survive the economy.
Central banks have cut their rates in response to the economic damage caused by the covid-19 epidemic
- India announced an economic stimulus package worth 1.7 trillion rupees (USD 22.5 billion) on Thursday to help those affected by the lockdown due to coronavirus pandemic.
- United States Senate has approved historic USD 2 trillion stimulus deals amid growing coronavirus fears
- Italy government is ready to spend as much as 25 billion euros (USD 28.3 billion) on stimulus measures to shield the economy from Europe’s worst outbreak of the coronavirus.
- China’s central bank has launched USD 79 billion stimulus for virus-hit companies
- UK government has allocated a total of almost 57 billion pounds (USD 66 billion) to fight the economic fallout from the coronavirus.