Investing.com – The Reserve Bank of Australia kept its benchmark interest rate unchanged in February, it announced on Tuesday.
In a statement, the RBA said it was keeping its benchmark interest rate unchanged at 4.75%, broadly in line with expectations.
Commenting on the decision, central bank Governor Glenn Stevens said, “Employment growth was unusually strong in 2010. Most leading indicators suggest further growth, though most likely at a slower pace.”
He added, “The flooding in Queensland and Victoria is having a temporary adverse effect on economic activity and prices.”
In its accompanying rate statement the RBA said, “The Bank will of course continue to assess the effects of the floods and the subsequent recovery, along with all the other factors having a bearing on economic conditions. At today's meeting, the Board judged that the current stance of monetary policy remained appropriate in view of the general macroeconomic outlook.”.
Following the decision, the Australian dollar was up against its U.S. counterpart, with AUD/USD gaining 0.56% to hit 1.0030.
In a statement, the RBA said it was keeping its benchmark interest rate unchanged at 4.75%, broadly in line with expectations.
Commenting on the decision, central bank Governor Glenn Stevens said, “Employment growth was unusually strong in 2010. Most leading indicators suggest further growth, though most likely at a slower pace.”
He added, “The flooding in Queensland and Victoria is having a temporary adverse effect on economic activity and prices.”
In its accompanying rate statement the RBA said, “The Bank will of course continue to assess the effects of the floods and the subsequent recovery, along with all the other factors having a bearing on economic conditions. At today's meeting, the Board judged that the current stance of monetary policy remained appropriate in view of the general macroeconomic outlook.”.
Following the decision, the Australian dollar was up against its U.S. counterpart, with AUD/USD gaining 0.56% to hit 1.0030.