The Reserve Bank may maintain the status quo on interest rate in its bi-monthly monetary policy review to be unveiled tomorrow amid apprehensions that deficient rainfall may further push up food inflation. The food inflation remaining over 8 per cent mark will weigh heavily on the RBI, which has been maintaining that containing inflation is its top priority. Prices of some of the food articles like tomato, onion, potatoes are still quite above normal. With monsoon being below normal, there is a fear that price situation, especially food inflation, may further deteriorate in the coming days. Monsoon deficiency stood at 23 per cent in at the end of July.
Swiss gold exports to India rise to 42%; hit Rs 500bn
As a debate continues on alleged black money stashed by Indians in Swiss banks, India now accounts for nearly 42% of total gold and silver leaving Switzerland shores largest for any single country. According to the latest official data from the Swiss govt., its total export of gold, silver and coins in the month of June 2014 stood at 3.9 billion Swiss franc (over Rs 260bn), out of which India alone accounted for 1.63 billion Swiss franc (about Rs 110bn).
Mauritius-routed global investments into India dip below 10%
As a revision of the bilateral tax treaty hangs in balance, India’s share of investments made by global companies through Mauritius has slipped to a historic low of less than 10%. On the other hand, global investments routed through Mauritius to Africa, Europe, Americas and some Asian countries have gone up, as per the latest official data compiled by the island nation’s financial sector regulator FSC.
Australia Retail Sales Rebound In June; Exceed Expectations
Australia’s retail sales recovered more than expected in June, data from the Australian Bureau of Statistics showed. Retail turnover rebounded by a seasonally adjusted 0.6% MoM in June following the 0.3% decline in May. Economists had expected a 0.3% rebound in sales.
New Zealand Commodity Prices Fall Further In July
New Zealand’s commodity prices declined for the fifth consecutive month in July, results of a survey by ANZ showed. The ANZ commodity price index fell 2.4% MoM in July, which was faster than the 0.9% decline in June.