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RBA Sees Rate Cuts Working as Currency Helps Stabilize Economy

The Reserve Bank of Australia said the economy is responding to low interest rates and Deputy Governor Philip Lowe indicated a higher currency and savings levels allowed for lower borrowing costs even as mining boomed.

The impact of the policy easing “still had further to run,” the RBA said in minutes today of the March 5 meeting where it kept its key rate at 3 percent. “While further reductions may be required, on the information currently to hand it was appropriate to hold rates steady.”

Australia’s dollar averaged $1.0380 in the past two years, more than 30 cents above the level of the prior two decades, spurred by near-zero rates in the U.S. and Japan , and the crisis in the European Union. Lowe said today the EU’s decision to force Cypriot savers into a bailout was a “step back” for the region and could increase instability in the […]

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