RBI among 26 global central banks that have been on a rate cutting spree

With the RBI's rate-setting meeting over, the attention now turns to the US Federal Reserve's (US Fed's) two-day policy meet that begins on December 11

Despite holding repo rate steady at 5.15 per cent on Thursday and surprising economists and markets alike, the Reserve Bank of India (RBI) is one of the 26 global central banks out of the major 31 that have been on a rate cutting spree, according to a Julius Baer Research. The remaining 5 – those in Sweden, the United Kingdom (UK), Norway, Canada and Czech Republic – have hiked their key rates.

Thus far in calendar year 2019, the RBI has slashed the repo rate by 135 basis points (bps) to 5.15 per cent. The reverse repo rate, too, remained