The central bank has kept the repo rate and reverse repo rate unchanged at 7.75 per cent and 6 per cent, respectively. It has also held the Bank Rate steady at 6.0 per cent. In the Annual Policy Statement for 2008-09, Governor YV Reddy has given high priority to price stability, anchoring inflation expectations and orderly conditions in financial markets. This while sustaining the growth momentum. RBI aims to bring down inflation to around 5.5 per cent in 2008-09, bringing it close to 5.0 per cent as soon as possible. Going forward, the resolve is to condition policy and perceptions for inflation in the range of 4.0-4.5 per cent, so that an inflation rate of around 3.0 per cent becomes a medium-term objective. The central bank has projected GDP growth for 2008-09 in the range of 8.0- 8.5 per cent