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    <title>Mid-Quarter Monetary Policy Review: March 2013</title>
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    <description>Reduction of the policy repo rate under the Liquidity Adjustment Facility and corresponding adjustments to reverse repo, Marginal Standing Facility and Bank Rate are the principal monetary actions, supported by active liquidity management (including open market operations and prior CRR reduction) to anchor money market rates and ensure credit flow. Persistently high food-driven headline inflation, divergence between wholesale and consumer prices, latent administered-price pressures, and a large current account deficit limit the headroom for further monetary easing despite growth concerns.</description>
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