The minutes of the Reserve Bank of Australia’s previous meeting held on September 7, issued in the Asian session on Tuesday, showed that members discussed international economic developments by noting that the momentum in the global economic recovery has waned in recent months and that core consumer price inflation has remained elevated in advanced economies. .
The bank had decided to keep monetary policy unchanged and maintain the current interest rates at 0.10% at its meeting on the seventh of September, and the bank also decided to continue buying government securities at a rate of 4 billion dollars per week until February next year at least instead of next November .
With regard to local developments, members showed that the recovery had created a strong momentum before the outbreak of the delta variable, and final domestic demand rose by 1.7% in the second quarter ending in June, to be 3.2% higher than its pre-epidemic level, while household consumption increased by 1%, driven by a recovery in services consumption. Gross domestic product increased by 0.7% in the second quarter.
The minutes indicated that two amendments were considered, the first is to maintain the last purchase rate at 5 billion dollars per week until November of this year, then reduce it to 4 billion dollars and extend it to mid-February next year, stressing that the bank will not resort to raising interest rates until the actual inflation becomes at The target range is 2-3% in a sustainable manner, and according to the current scenario, this target will not be reached before 2024.
The Australian dollar recorded gains against the US dollar during the session today, Tuesday, and before the opening of the European markets by about 20 points and more than 50 points from the lowest level recorded during the session at 0.7221.
06/11/2024
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