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Australian Reserve Bank forecasts long period of interest rate stability

English.news.cn   2014-02-18 10:58:40

SYDNEY, Feb. 18 (Xinhua) -- Interest rates in Australia should remain at current levels for a long period, the Reserve Bank of Australia (RBA) hinted in the minutes of its February board meeting released on Tuesday.

In the latest minutes of the monetary policy meeting of the RBA board, it said there was "little chance of a change in monetary policy at present."

"If the economy evolved broadly as expected, the most prudent course would likely be a period of stability in interest rates," the RBA said in the minutes released on Tuesday.

"At recent meetings, the Board had judged that, given the substantial degree of monetary policy stimulus already in place, it was prudent to keep policy unchanged while assessing the continuing impact of that stimulus."

The RBA has made a series of reduction in the cash rate over the past two years, from 4.75 percent in November 2011 to a record low of 2.5 percent at present.

The RBA said further signs in recent months showed that policy was having its intended effects.

"The exchange rate had also depreciated further since the December meeting," it said.

"If sustained, a lower exchange rate would be expansionary for economic activity and assist in achieving balanced growth of the economy."

The RBA said the Australian economy was expected to strengthen a little in 2014 but would stay at a below trend pace and then increase to an above trend pace by mid 2016.

Editor: Zhu Ningzhu
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