As we stand at the threshold of 2025, let me reflect upon the eventful journey of 2024. In line with the trend in the last few years, central banks were once again put to the ultimate test to stabilise their economies against continuous, colossal and complex shocks. Central banks are constantly adapting to the new global economic and financial landscape created by geopolitical conflicts, geoeconomic fragmentation, financial market volatility and continuing uncertainties, all of which are testing the resilience of the global economy. The last mile of disinflation is turning out to be prolonged and arduous, both for advanced and emerging market economies (EMEs). Maintaining macroeconomic and financial stability, and building buffers, continue to be the lodestar for the EMEs.

Monetary Policy Decisions After assessing the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (December 6, 2024) decided to:  Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent.

The Reserve Bank has today released data on Reserve Money for the week ended November 29, 2024.

Tenor 14-day Notified Amount (in ₹ crore) 25,000 Total amount of offers received (in ₹ crore) 2,476 Amount accepted (in ₹ crore) 2,476 Cut off Rate (%) 6.49 Weighted Average Rate (%) 6.49 Partial Acceptance Percentage of offers received at cut off rate NA

On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on November 29, 2024, Friday, as under:

Tenor 1-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 52,069 Amount allotted (in ₹ crore) 25,008 Cut off Rate (%) 6.61 Weighted Average Rate (%) 6.62 Partial Allotment Percentage of bids received at cut off rate (%) 42.25

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on November 28, 2024, Thursday, as under:

The Reserve Bank has today released data on Reserve Money for the week ended November 22, 2024 and Money Supply for the fortnight ended November 15, 2024.

Tenor 3-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 48,957 Amount allotted (in ₹ crore) 25,006 Cut off Rate (%) 6.60 Weighted Average Rate (%) 6.62 Partial Allotment Percentage of bids received at cut off rate (%) 18.96

On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on November 26, 2024, Tuesday, as under: Sl. No. Notified Amount (₹ crore) Tenor (day) Window Timing Date of Reversal 1 25,000 3 11:30 AM to 12:00 Noon November 29, 2024 (Friday) 2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.