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India cuts key interest rate by 1 percentage point

(Agencies)
Updated: 2008-12-08 06:55

MUMBAI, India  -- India's central bank has cut the nation's key interest rate by 1 percentage point amid signs of slowing economic growth.

Related readings:  European central banks slash interest rates to tackle recession  Asian shares gain after central banks slash rates  China slashes interest rates to boost growth  Bank of England cuts interest rates 100 bps to 2%

The bank announced the cut Saturday. The move will take effect Monday and bring the nation's interest rate to 6.5 percent.

The bank says it's also taking steps to ease credit to hard-hit small businesses, export companies and the real estate sector.

Reserve Bank governor D. Subbarao says the moves are designed to "arrest the downturn and revive the growth momentum."

India's economic growth slowed to 7.6 percent last quarter and exports shrank in October for the first time in seven years.