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The Reserve Bank of Australia released its interest rate decision. Interest rate remained unchanged at a record low 2.5%. Market participants had expected this decision.
The RBA decided to continue accommodative monetary policy. Accommodative monetary policy should provide support to demand and to economic growth.
The Reserve Bank of Australia governor Glenn Stevens said that exports were rising “strongly” and the Australian dollar remained strong by historical standards.
Inflation target by the RBA is 2-3% over the next two years.
Australia’s central bank has reduced its interest rate by a cumulative 225 basis points since November 2011.
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