Question
In the RBI’s liquidity framework review, which rate is
retained as the operating target despite weakening activity in the overnight market?Solution
The RBI’s IWG emphasized keeping the Weighted Average Call Rate (WACR) as the operating target for monetary policy implementation. However, the report noted a concern: the declining activity in the overnight call money market weakens RBI’s grip on short-term interest rates. Despite this, WACR remains a benchmark for assessing the alignment of short-term money market rates with the policy rate, making it central to the liquidity management framework.
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