The country’s central bank has increased its interests rates as part of the country’s ongoing attempt to curb its high inflation, BBC reports. This the is the fifth time the bank increased its interest rates within the year. The Reserve Bank of India raised its repo rate – the rate at which it lends to banks – to 6 percent from 5.75 percent and its reverse repo rate to 5 percent from 4.5 percent.

    This latest rise in interest rates was higher than earlier predicted by economists, who had expected a reverse repo rate increase to 4.75 percent, BBC explains.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.