RBA Makes an Emergency Rate Cut to 0.25%

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RBA Makes an Emergency Rate Cut to 0.25%

The Reserve Bank of Australia (RBA) has reduced the cash rate to 0.25 per cent in an effort to curb the adverse impacts of coronavirus pandemic on the economy. In addition, the bank has announced quantitative easing measures and offered a $90 billion lending facility for small businesses to banks.
The central bank also reported the following:
• Cash rate will not be increased until it is confident that inflation will be in its target range and any progress is being made towards full employment level.
• Yield on 3-year Australian Government bonds is targeted at 0.25 per cent.
• Exchange settlement balances at the RBA will be remunerated at ten basis points.

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