RBA Kept the Benchmark Interest Rate at 4.75% |
Australian Monetary Policy Makers, led by the governor of the Reserve bank of Australia Mr. Glenn Stevens, kept the interest rate unchanged at 4.75% during the month of June to meet analysts' expectations, while the Bank sees the global expansion led by strong Asia growth.
On the other hand, the Reserve Bank of Australia noted that that higher commodity price is the main reason behind fueling inflation rates, also the Bank said that the RBA: private investment is picking up, mainly in resources.
Moreover, the RBA indicated that the global economy is expanding, while the financial conditions in the global economy are an accommodative, whereas global expansion led by strong Asia growth.
The Australian dollar has dropped against its all major counterparts, while it declined sharply versus the greenback, recorded the lowest level at 1.0683, and it dropped against the yen to record a low of 85.76.
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