Tuesday, August 5, 2014

RBA Holds Interest Rate at 2.5% for 1 Year

Today, the Reserve Bank of Australia again decided to hold the interest rate at 2.5%. It has been one year since any change has been made to the central bank rates. Last year in August, the RBA dropped the rate by 25 basis points. The statement from the RBA was almost like a carbon copy of last month's announcement and the outlook from many economists is that the rate won't be changing any time soon. The Aussie dollar didn't move much in response to the announcement, having already factored in the assumption that rates won't change.

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