The Reserve Bank of Australia decided, in its meeting this morning, Tuesday, the fifth of October, to keep monetary policy unchanged as expected and to keep the current interest rates at 0.10%, and the bank decided to continue buying government securities at a rate of 4 billion dollars per week until February of next year at least.
The statement issued by the bank stated that the Australian economy was affected by the outbreak of the new delta strain, as the bank expects that GDP growth will decline significantly in the third quarter ending in September, but it stressed that this setback will be temporary and that the economy will return to recovery with the easing of restrictions.
The impact of global supply chain disruptions on inflation rates. The Australian Reserve Bank is committed to maintaining its monetary policy until the goals of full employment are achieved and inflation reaches the bank’s target, and interest rates will not be raised until the bank sees inflation rates in the target range 2-3% in a sustainable manner.
According to the scenario, this condition was not achieved before 2024. The Australian dollar against the US dollar is trading down about 20 pips at 0.7265 levels.
06/11/2024
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