Following today's meeting, the Reserve Bank of Australia (RBA) decided not to change the key interest rate, keeping it at 3.6% per annum. This rate is the maximum since May 2012. Central bank governor Phillip Lowe also warned that the RBA is ready to resume raising rates if necessary. Lowe stated: «The RBA Board of Governors believes that further tightening of monetary policy may be required to return inflation to the central bank's target of 2-3%. Today's decision to maintain the previous rate level gives us time to assess the state of the economy and its prospects in conditions of serious uncertainty.» In total, since May last year, the total rate has been raised by 350 bps. Inflation in Australia in February was 6.8% in annual terms: the indicator slowed down from the December peak of 8.4%. March inflation data will be published on April 26.
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