<p> <br />“We are expecting that the Reserve Bank will bring down the interest rate for export credit in its quarterly credit policy review,” a Ministry official said.<br /><br />The apex bank is slated to announce the third quarter monetary policy on January 29. Earlier, Commerce and Industry Minister Anand Sharma took up the matter with the Finance Ministry and stressed on the need to reduce interest on dollar credit –— the rates exporters pay for borrowing foreign currency. Sharma said interest rates on dollar credit could be reduced from the London inter-bank offered rate (Libor) plus 3.5 per cent to Libor plus one per cent. The Libor is a benchmark rate for global financial markets.<br /><br />The ministry official said that exports have entered the positive zone after a gap of 13 months in November and more efforts are needed to ensure sustained recovery.</p>
<p> <br />“We are expecting that the Reserve Bank will bring down the interest rate for export credit in its quarterly credit policy review,” a Ministry official said.<br /><br />The apex bank is slated to announce the third quarter monetary policy on January 29. Earlier, Commerce and Industry Minister Anand Sharma took up the matter with the Finance Ministry and stressed on the need to reduce interest on dollar credit –— the rates exporters pay for borrowing foreign currency. Sharma said interest rates on dollar credit could be reduced from the London inter-bank offered rate (Libor) plus 3.5 per cent to Libor plus one per cent. The Libor is a benchmark rate for global financial markets.<br /><br />The ministry official said that exports have entered the positive zone after a gap of 13 months in November and more efforts are needed to ensure sustained recovery.</p>