Australia

RBA keeps interest rates at 0.1 percent, hails vaccine effect on economic recovery

The Reserve Bank of Australia has decided to keep interest rates at a record low of 0.1%. Meanwhile, Governor Philip Lowe said the deployment of the vaccine has helped restore the global economy. The governor’s statement states that inflation needs to be 2-3% before it can be raised, with the cash rate remaining at 0.1%, but admits that it is unlikely that a rate hike will occur by 2024. I am. The RBA has also updated on bond purchases. The program has purchased about $ 100 billion in government bonds and has announced that it will begin buying another $ 100 billion in government bonds next week. Banks believe the 5.8% unemployment rate is still too high and needs to fall further, according to Rowe’s statement, and mentions record low wage growth that needs improvement.

Place of originRBA keeps interest rates at 0.1 percent, hails vaccine effect on economic recovery

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