RBI's review of monetary policy -Highlights

Mumbai, July 31 (IANS) Following are the highlights of the review of India's monetary and credit policy for the current fiscal conducted by the country's central bank here Tuesday:

- Bank rate kept unchanged

- Reverse-repurchase rate and repurchase rate kept unchanged

- Cash reserve ratio increased by 50 basis points to 7 percent

- Economic growth projection for 2007-08 retained at 8.5 percent

- Stated priority of containing inflation below 5 percent

- Upward pressures on inflation persist

- Inflation rate declines from 5.9 percent in March to 4.4 percent

- Money supply growth, at 21.6 percent, much higher than projection

- Aggregate deposits of banks grows 24.4 percent

- Non-food credit growth slows to 24.4 percent

- India's foreign exchange reserves at $222 billion as on July 20

- Rupee appreciates 6.63 percent against dollar this year

- Average price for crude up from $56.2 per barrel in January to $73.5 now

- Monetary policy will continue to be vigilant and proactive

- Midterm review of the monetary policy on Oct 30