India Raises RatesAM 10:13 July 30,2008
Jackie Range
India's central bank raised a key interest rate and lifted the amount of money banks must keep in reserve Tuesday, measures aimed at fighting inflation that are likely to slow economic growth even further.
印度央行(Reserve Bank of India)周二上调了基准利率以及银行存款准备金率，以此应对或进一步牵制该国经济增长的通胀现象。
Economists said the moves were more drastic than expected.
'We can expect to see some further damage to the real economy coming through,' wrote HSBC economist Robert Prior-Wandesforde.
The bigger-than-expected rate increase, coupled with a reduction in the bank's forecast for economic growth, prompted a selloff in the stock market. The Bombay Stock Exchange's 30-stock Sensitive Index, or Sensex, fell 557.57 points, or 3.9%, to end at 13791.54.
由于央行此次加息幅度超出预期，且该行下调了经济增速预期，印度股市投资者纷纷抛出手中股票。孟买证券交易所敏感指数重挫557.57点，收于13791.54点，跌幅3.9%。
The Reserve Bank of India raised the repurchase rate -- the rate at which banks borrow funds from it -- by 0.50 percentage point to 9%, the highest level in more than seven years. It was the third time in two months it has raised the repo rate.
印度央行将基准回购利率上调了0.50个百分点，至9%，创逾七年来最高水平，这已是该行两个月来第三次上调回购利率。
The bank also moved to drain liquidity from the financial system by increasing the amount of cash banks are required to hold at the central bank. It raised the cash reserve ratio by 0.25 percentage point to 9% of bank deposits, with effect from Aug. 30.
为了回笼金融系统中的流动资金，央行还将银行存款准备金率上调了0.25个百分点，至9%。这一规定将于8月30日起生效。
Economists predict that India's gross domestic product will grow between 7% and 7.5% in the year ending March 31, 2009, compared with 9% in the previous year and 9.6% the year before that. Inflation and high interest rates are major factors in slowing growth, economists say.
经济学家预计，在截至2009年3月31日的财年中，印度的国内生产总值(GDP)增幅将介于7%至7.5%，较去年的9%和前年的9.6%均有所回落。经济学家指出，通货膨胀和较高的利率水平是经济放缓的两大原因。
The Reserve Bank lowered its own economic growth forecast to about 8% for the year ending March 31, from its previous estimate of 8% to 8.5%. It also lifted its inflation forecast to around 7% by the end of the fiscal year, from 5.5% earlier.
印度央行将其对于截至2009年3月31日财年的经济增幅预期由此前的8%-8.5%下调为8%左右，该行还将本财年的通货膨胀率预期从此前的5.5%上调为约7%。
Recently, wholesale price inflation, which measures the rise in wholesale prices and is the most closely watched inflation gauge in India, rose at an annual rate of just under 12%, a 13-year high. HSBC predicts wholesale price inflation could reach around 15% in October.
近期，印度最受关注的通胀衡量指标──批发价格指数的年度升幅创下了13年新高，距离12%仅一步之遥。汇丰预计到10月份该指数将升至15%左右。
The central bank's moves are 'a signal to the banks that credit growth must be moderated,' the finance ministry said in a statement. Indian banks are expected to pass the interest-rate rises along to customers through higher lending rates.
印度财政部在一份声明中表示，央行的举措是向印度银行发出了这样一个信号，那就是信贷增长必须降下来。预计印度各家银行会通过抬高放贷利率来将加息的影响转移给信贷客户。
Economists expect further monetary tightening by the central bank later this year, with inflation likely staying high in 2008.
经济学家称，考虑到2008年全年的通胀率都可能居高不下，预计央行将在今年晚些时候进一步收紧银根。