The Central Bank of Australia announced the end of the billion-dollar stimulus package to minimize the impact of the pandemic, but decided to keep interest rates low despite rising inflation.
As the economy shows signs of recovery from the Covid-19 crisis, the Australian central bank announced the end of its $250 billion bond purchase program on January 10.
At the same time, the institution announced the maintenance of interest rates at the current minimum level of 0.1% “until current inflation is sustainable in the target range of 2-3%”, said the bank’s president, Philip Lowe.
The bond purchase program initiated in the final months of 2020 allowed the BC to allocate 4 billion Australian dollars (US$2.826 billion) a week in government bonds to support the economy during the pandemic.
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