Australia keeps cash rate on holdMarch 6th, 2012 - 1:53 pm ICT by IANS
Sydney, March 6 (IANS) The Reserve Bank of Australia (RBA) Tuesday announced its decision to keep the official cash rate on hold at 4.25 percent.
The RBA, after its March board meeting, kept the cash rate steady at 4.25 percent after it cut the rates in November and December by a combined 50 basis points, reported Xinhua.
RBA Governor Glenn Stevens said Tuesday that recent information did not suggest a “deep downturn” in the world economy, although it was expected to grow at a below trend pace.
“Several European countries will record very weak outcomes, but the US economy is continuing a moderate expansion,” Stevens said.
“Growth in China has moderated as was intended, but on most indicators remains quite robust overall.”
The governor said the Australian economy was growing close to trend and inflation was close to its target range of 2-3 percent.
“With growth expected to be close to trend and inflation close to target, the board judged that the setting of monetary policy remained appropriate for the moment,” Stevens said.
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