At the Reserve Bank of Australia meeting this morning, Tuesday, the second of March (Azar), the bank’s board of directors decided to keep the current policy of the bank unchanged and to maintain the current interest rates at 0.10 per cent in addition to continuing to buy government bonds worth $ 100 billion, where 74 billion dollars were purchased. So far, $ 100 billion in government bonds has been confirmed, and the bank has confirmed that another $ 100 billion will be purchased after the current program is completed in April. The bank’s minutes indicated that the economic recovery is progressing in full swing and at a stronger pace than expected, as unemployment rates have decreased to 6.4 per cent, and the bank expects the Australian economy to record a growth in gross domestic product of about 3 per cent during the years 2021 and 2022 and to return to its level at the end of 2019. By the middle of this year. The inflation rate is expected to be at levels of 1 percent during the current year, and the inflation rate is expected to remain below the bank’s target of 2 percent during the next two years. The Reserve Bank of Australia surprised the market by buying bonds worth 4 billion Australian dollars on Monday morning in an attempt to limit the rise in the 10-year bond yield, which rose from 1.12 percent at the end of last week to 1.91 percent. The Australian dollar is trading at 0.7764 levels against the US dollar, affected by the US dollar’s gains since the weekend.
07/11/2024
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