In a move to boost lending to the private industry and shore up economic development, the central bank of
The decision is viewed as an alert to commercial banks to consider cutting interest rates on commercial loans and enable more access to loans by the fast-growing private industry.
Economists say this would mean enhanced investment in productive industries, hence fast-tracking the country's economic development.
The cut in the repo rate comes soon after new figures published by the
The governor of the
Most Popular Stories
- Michael Jackson, Freddie Mercury on Previously Unreleased Queen Cut
- 10 Things to Know About Alibaba
- Five Steps to Protect Yourself from Data Breaches
- Concur Sold to SAP for $8.3B
- Chrysler Recalls Nearly 189,000 SUVs
- Intruder Gets into White House
- Federal Probe Finds Christie Did Not Order 'Bridgegate'
- HCL America Adding 1,200 IT Jobs
- Medical Mfg. Jobs Coming to Dayton
- Longtime Unemployed to Get Help in Las Vegas