Australian Central Bank Cuts Key Interest Rate by 0.1% to Record Low
[Asia Economy Reporter Jeong Hyunjin] The Reserve Bank of Australia (RBA) has cut its benchmark interest rate to a record low of 0.10%, Bloomberg News reported on the 3rd.
According to the report, the RBA held a monetary policy meeting on the day and decided to lower the benchmark interest rate by 0.15 percentage points from the previous 0.25% to 0.10%. The RBA also announced that it will purchase government bonds worth 100 billion Australian dollars (approximately 80 trillion won) over the next six months.
Philip Lowe, Governor of the RBA, said, "The combination of bond purchases and low interest rates will support economic recovery."
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Earlier, the Reserve Bank of Australia had cut the benchmark interest rate twice by 0.25 percentage points from 0.75% in March to respond to the economic shock caused by the COVID-19 pandemic.
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