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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    OPay obtains approval of Egypt’s CBE to issue prepaid cards

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    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

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    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

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    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

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    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

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    Vodafone shares up after USD 4.4 billion UAE stake buy

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    Ather Energy raises USD128 million in series-E funding

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    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

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    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

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    Hatten Land collaborates with Focus Media to invest USD 1.21 million in new eSports centre project

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

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    World’s No.2 producer of wheat, India, bans wheat exports in new move

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Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

The Australian Dollar jumped by 76 US cents for the foremost time since June 2021

Sakshi K S by Sakshi K S
April 5, 2022
in Central, The Global Economics, Top Stories
Reading Time: 2 mins read
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Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

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Australia’s central bank unlocked the door to former interest-rate hikes by scruffling a reference to enduring ‘patience’ on policy and gesturing that launch timing would entirely depend on impending data.

The Reserve Bank left its cash rate at the most significant low of 0.1% – as estimated – on Tuesday. However, the belligerent tilt in its post-meeting statement made the Australian Dollar jump through 76 US cents for the only time since June 2021, whilst yields on the three-year bond upturned earlier failures to post profits.

Governor Philip Lowe’s swivel from an endured dovish position resonates with an economy that is accomplishing comprehensive employment and signals that inflation pressures are robust. He signalled that inflation data, out later this month, and wages in May will be principal readings, implying that the Reserve Bank of Australia’s June meeting is now in place, as money markets and a handful of economists have proposed.

In his statement, Lowe articulated surging confidence that the pay wage profits he has been seeking to guarantee that inflation remains sustainable inside the Reserve Bank of Australia’s 2-3% target were in view. In addition, Australian unemployment is at a 13-year low of 4% and is estimated to slip further.

The board will evaluate future inflation and wage trends as it establishes a policy to underpin comprehensive employment in Australia and inflation outcomes unswerving with the target, the governor indicated.

Customer rates across the globe are increasing as commodity rates surge, pushed by Russia’s war on Ukraine and virus lockdowns in China that are unsettling supply chains. Australia’s first-quarter CPI report is due on April 27th, and the wage price index will be published on May 18th.

Belinda Allen, a senior economist at Commonwealth Bank of Australia, stated that the Reserve Bank of Australia had begun its gradual hinge to signal that the cash rate would rise. Allen noted that economists’ foundational case remains the first-rate hike in June 2022. However, the risk of an earlier rate hike in May prevails.

Generally, economists have possessed a lower level of conviction on a May move as an election is bound to be held then. The central bank is most likely to refrain from being drawn into the political crusade.

Australia has been a dawdler in the international shift to constriction that has witnessed the Federal
Reserve surge already, with the assumption mounting that it could opt for a half-point hike next to attempt to strangle inflation. New Zealand has increased three times throughout the Tasman Sea, as has South Korea’s central bank.

Australian Central Bank Rate Verdicts

Lowe has long quoted weak wages evolving to justify his ultra-loose monetary settings, stating that profits need to be robust to avert inflation weakening once temporary steerers like energy expenditures diminish.

Via: Short URL
Tags: australiacentral bankrate hikeReserve Bank of Australia
Sakshi K S

Sakshi K S

Sakshi is a professional content writer engaging readers with gripping business news stories.

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Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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In 2022, Abu Dhabi real estate records a new boom with an influx of international investors

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Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

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