Chetan Ahya, Morgan Stanley said, "The aim of conducting open market operations (OMOs) and cash reserve ratio (CRR) cut is to prevent unintended tightening in domestic liquidity conditions and a further rise in short-term rates. While liquidity conditions should see a seasonal improvement in April, we believe unless capital inflow improves significantly, inter-bank liquidity could tighten again from May-June warranting more CRR cuts."
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