Reserve Bank of Australia (RBA) Assistant Governor Christopher Kent announced late Tuesday that there will be adjustments to the bank’s repo rates. However, he emphasized that these changes would not affect the overall stance of the bank’s monetary policy.
Key adjustments include:
An increase in the price of all new OMO repos by 5 to 10 basis points above the cash rate target.
The introduction of a seven-day term, alongside the existing 28-day term, for each weekly OMO, effective from April 9.
Kent clarified that these modifications do not imply any shift in the broader monetary policy approach.
Market Response: At the time of reporting, the AUD/USD currency pair showed a 0.16% gain, trading at 0.6290.
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