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The Reserve Bank of Australia (RBA) released its interest rate decision on Tuesday. The RBA kept its interest rate unchanged at 2.50%. This decision was widely expected.
The Reserve Bank of Australia Governor Glenn Stevens said that "the Australian dollar remains above most estimates of its fundamental value".
He noted that the economy grew moderately, but the growth in the next several quarters is expected to be a little below trend.
The RBA governor pointed out that monetary policy remains accommodative.
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