Finance, Forex and Investments

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Summary: the recent past, the RBI has not been able to target M3 well -- partly because this aggregate is at least partly determined from within the system and is not amenable to exogenous targeting. The RBI has not changed interest rates but CRR has been reduced by half a percentage (50 basis points) to 10 per cent effective May 8, 1999. This step was taken to forestall the effects of

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