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RBI says global outlook more uncertain

MUMBAI: Global financial markets have become much more uncertain than before and the Reserve Bank of India will consider a possible slowdown in the U.S. economy while reviewing its monetary policy, RBI Governor Y. V. Reddy said here on Monday.

“The global financial uncertainties were not entirely unanticipated but, yes, the intensity was not predicted nor was the duration expected... the outlook is far more uncertain now for global situation than before,” he said.

In its monetary policy review on January 29, the RBI will take into consideration the possible recession in the U.S. and the global financial turmoil emanating from the U.S. sub-prime mortgage crisis. “I think we will pay considerable attention to that subject and the monetary policy statement will take note of it,” he said. A number of global financial institutions ave posted considerable losses in the U.S. sub-prime crisis that erupted in July 2007. — PTI

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