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The Reserve Bank of Australia kept the rate at the maximum since May 2012


April, 04 2023
watermark Economic news

Following today's meeting, the Reserve Bank of Australia (RBA) decided not to change the key interest rate, keeping it at 3.6% per annum. This rate is the maximum since May 2012.


Central bank governor Phillip Lowe also warned that the RBA is ready to resume raising rates if necessary.


Lowe stated: «The RBA Board of Governors believes that further tightening of monetary policy may be required to return inflation to the central bank's target of 2-3%. Today's decision to maintain the previous rate level gives us time to assess the state of the economy and its prospects in conditions of serious uncertainty.»


In total, since May last year, the total rate has been raised by 350 bps. Inflation in Australia in February was 6.8% in annual terms: the indicator slowed down from the December peak of 8.4%. March inflation data will be published on April 26.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.