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تاریخ::
شاخص قیمت خرده فروشی
The Bank Rate was lowered from 7 per cent to 5 per cent between April and September (this meant that the real rate was negative given that the Retail Price Index (RPI) providing a measure of in?
Low and negative real interest rates (the MLR hovered between 7.25 and 8 per cent for most of the period between October 1972 and late July 1973, while the RPI was rising towards an annual rate of 10 per cent) combined with liberalization of credit ceilings and competition between banks to cause a dramatic surge in lending.
rst quarter of 1974 the RPI rose over 13 per cent while the external de?
ation caused by the VAT increase and by the movement of energy (especially oil) prices (the RPI rose by 21 per cent between June 1979 and June 1980)61 meant that the high nominal MLR did not represent a high real rate of interest.
Given the expansion of sterling M3 it is hard to see how this could have been a result of slower money supply growth:62 it was in fact largely thanks to a combination of domestic recession with sluggish international demand and falling commodity (fuel and non-fuel) prices.63 The resulting scissors-like movement of MLR on the one hand and the RPI on the other led to high real rates of interest.
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