RBA keeps interest rates unchanged

Tuesday, 04. August 2020 06:31

Reserve Bank of Australia (RBA) revealed on Tuesday it decided against adjusting its monetary policy setting in August.

The central bank said in a statement the yield on 3-year Australian Government Securities (AGS) bonds will remain at around 25 basis points, noting it has stood slightly above the figure in recent weeks.

"The global economy is experiencing a severe contraction as countries seek to contain the coronavirus. Even though the worst of this contraction has now passed, the outlook remains highly uncertain. The recovery is expected to be only gradual and its shape is dependent on containment of the virus," RBA Governor Philip Lowe said about the decision.

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Breaking the News / NL