India's central bank, the Reserve Bank of India (RBI), raised the repo rate by 25 basis points to 5.5 percent, as a result of which house loans, personal loans and car loans' equated monthly installments (EMIs) were expected to go up in the days ahead.
The decision to raise the repo rate was taken at a meeting of RBI's Monetary Policy Committee.
Repo rate is the rate of interest at which RBI extends loans to commercial banks.
Defending the hike in the repo rate, RBI Governor Sanjay Malhotra described it as a "calibrated" decision to the evolving macroeconomic conditions in the country.
India's central bank raises repo rate to 5.5 pct
Montenegro on Monday broke ground on a 237.47-million-euro (about 265 million U.S. dollars) bypass around the coastal city of Budva, a major tourism destination that faces heavy traffic congestion during the summer season.
The approximately 8-km bypass is designed to divert transit traffic away from the city center and improve transport conditions in the wider coastal area.
The project includes around four km of tunnels and two km of bridges, with engineering structures accounting for around 70 percent of the route. Construction is expected to take four years.
The project will be carried out by an international consortium comprising five companies from Montenegro, China and Bosnia and Herzegovina, including China's Shandong Hi-Speed Group.
Montenegrin Prime Minister Milojko Spajic, Chinese Ambassador to Montenegro Chen Xufeng and other officials attended the groundbreaking ceremony in Budva.
According to Monteput, Montenegro's state-owned highway company and the project investor, the bypass will connect the Budva-Cetinje road near Markovici with the Budva-Tivat road near Lastva Grbaljska.
The project is part of Montenegro's broader plan to develop an integrated network of highways and expressways.
Montenegro breaks ground on 237-mln-euro Budva bypass
