World Economy

Australia Rates On Hold

Australia Rates On HoldAustralia Rates On Hold

The Reserve Bank of Australia (RBA), the country’s central bank, decided to keep its cash rate steady at a record low of 2.25%, bucking the global trend and surprising some who had looked for another easing to follow February’s cut, AsiaFirst reported. The RBA made the announcement following its monthly policy meeting. It strongly hinted in February, when it cut official cash rate to 2.25%, that it would cut rates again this year to help revive the country’s economy. The RBA decision did not come as unexpected as only 13 of 30 major economists expect a cut today. RBA Governor Glenn Stevens said further easing of policy may be appropriate over the period ahead and the board will continue to assess the case for such action at forthcoming meetings.