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Financial News: Australia Cuts Key Rate By 25 Bps

Australia Cuts Key Rate By 25 Bps

03/02/2020 - 22:52:00 (RTTNews)

(RTTNews) - Australia's central bank lowered its key interest rate by 25 basis points, on Tuesday, to support the economy as it responds to the global coronavirus outbreak.

The board of the Reserve Bank of Australia, governed by Philip Lowe, decided to cut the cash rate by a quarter-point to a record 0.50 percent.

The central bank had lowered the rate by 25 basis points last October, which was the third such reduction in 2019.

Policymakers observed that the global outbreak of the coronavirus is expected to delay progress in Australia towards full employment and the inflation target.

"The Board therefore judged that it was appropriate to ease monetary policy further to provide additional support to employment and economic activity," the bank said.

The board reiterated that it is prepared to ease monetary policy further to support the Australian economy.

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