Reserve Bank of Australia (RBA)

RBA emergency moves to counter coronavirus impact

Reserve Bank of Australia latest emergency moves

RBA buys A$900 mln of state government bonds

The Reserve Bank of Australia (RBA) announced on Wednesday that it bought AUD900 million worth of state government bonds. The central bank purchased A$530 million of New South Wales notes and A$370 million of Victoria notes. RBA said earlier today that it would buy semi-government bonds worth A$ 2 billion maturing in Jan 2026 to June 2030. It also offered $10 bln in US dollar repo operation on Thursday.

RBA to buy semi government bonds

As a part of its quantitative easing program, the Reserve Bank of Australia (RBA) will buy semi-government bonds worth A$ 2 billion maturing in Jan 2026 to June 2030. The central bank cut rates to zero and announced bond purchases last week to stem the economic fallout from the coronavirus outbreak.

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Big Picture

What is the RBA?

The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.

The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.

Who is RBA's president?

Philip Lowe is an Australian economist, born in Wagga Wagga, New South Wales. He is the current Governor of the Reserve Bank of Australia, having succeeded Glenn Stevens on 18 September 2016. He was previously deputy governor under Stevens from 2012.

Lowe on his profile and Wikipedia.

Interest rates latest news

The World Interest Rates Table

The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.