6/2, 6:36 AM (Source: TeleTrader)
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RBA keeps interest rates unchanged

Reserve Bank of Australia (RBA) revealed in a statement, released on Tuesday, it decided against adjusting its interest rate in June.

RBA said it will keep the cash rate and the yield on 3-year Australian Government Securities (AGS) bonds at 25 basis points, as the government bond markets in the country are operating "effectively."

"The global economy is experiencing a severe downturn as countries seek to contain the coronavirus. Many people have lost their jobs and there has been a sharp rise in unemployment. Over the past month, infection rates have declined in many countries and there has been some easing of restrictions on activity. If this continues, a recovery in the global economy will get under way, supported by both the large fiscal packages and the significant easing in monetary policies," RBA Governor Philip Lowe said in a statement.

Breaking the News / NL