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Australia's central bank in no hurry to raise rates: deputy governor

Friday, Jul 21 2017
Australia's central bank in no hurry to raise rates: deputy governor

A top Australian central banker gave a clear signal on Friday that interest rates in the country were set to remain at record lows for a while yet, wrong-footing hawks and sending the local currency sliding from a two-year peak.

Reserve Bank of Australia (RBA) Deputy Governor Guy Debelle, speaking at an event in Adelaide, quashed talk of domestic interest rate hikes which had gathered momentum after the Bank of Canada increased its policy rate to 0.75 percent last week. "Just as the policy rate in Australia did not need to decline to the very low levels seen in other parts of the world, the fact that other central banks increase their policy rates does not automatically mean that the policy rate here needs to increase," he said.

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