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June 29, 2017

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Australia's central bank maintains stable interest rates at 2.5 percent

SYDNEY -- Australia's central bank kept interest rates on hold at a record low 2.5 percent Tuesday as it flagged an accommodative monetary policy and stepped up its rhetoric against the local dollar.

The Reserve Bank of Australia said it was prudent to maintain a "period of stability in interest rates" to support demand and growth in the economy as it shifts away from a dependence on mining.

"In the board's judgment, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target," governor Glenn Stevens said in a statement.

The central bank's decision to leave the cash rate unchanged was widely expected by economists and financial markets, although it sounded a slightly more optimistic note on domestic growth.

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