In minutes of its July 1 meeting, where the central bank kept its cash rate at 2.5 percent for an eleventh month, the Reserve Bank of Australia (RBA) reiterated its long-held view that the economy will grow at a below-potential pace for the next year or so before picking up. "With the significant degree of monetary stimulus already in place to support economic activity, the Board judged that, on present indications, the most prudent course was likely to be a period of stability in interest rates," the RBA said. "Low interest rates were working to support demand, but members agreed that it was difficult to judge the extent to which this would offset the anticipated substantial decline in mining investment and the effect of planned fiscal consolidation." In a comprehensive interview with a local paper published at the weekend, Governor Glenn Stevens said "the current level of rates will be supporting demand for quite some time yet". He added that it would be "a little early" for anyone
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