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India can meet oil bill if war breaks: Jalan
March 10, 2003 14:25 IST
Reserve Bank of India governor Bimal Jalan said the country would have no problems in meeting its oil bill in the event of a war in Iraq.
"We can handle the problem. We have enough foreign exchange reserves," Jalan told reporters in New Delhi.
He said the impact on inflation of a possible US-led war against Iraq would depend on the duration of hostilities.
Jalan also said there was no proposal to lower the trend-setting repo rate further. "Not to the best of my knowledge," he said when asked about chances of a repo rate cut.
"Nothing will be done (on the bank rate) before the end of the fiscal (year)," he added.
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