The Indian finance minister P. Chidambaram has said that the governor of the RBI, Dr. D. Subbarao, ‘wants to move on’ and that the hunt for a successor is underway
- India left interest rates unchanged yesterday (left its policy repo rate at 7.25%) despite a weak rupee
- said it will roll back recent liquidity tightening measures when stability returns to the rupee market
- Statement had a dovish tone, and cut growth forecast to 5.5% from 5.7 %previously
