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Australia Cuts Key Rate to 0.25%, Announces Additional Measures

Thursday, 19 March 2020 12:09 WIB Australia RBA

Australia central bank deployed its remaining conventional interest-rate ammunition and moved to additional policy measures to try to support an economy spiraling toward its first recession in almost 30 years. Reserve Bank Governor Philip Lowe cut the cash rate to 0.25%, its effective lower bound, in an emergency meeting Thursday Sydney. He said in a statement the board “will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2–3% target band.” The central bank is pushing emergency stimulus as it joins the government in a fiscal-monetary tandem in...

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