July 21, 2020 / 1:48 AM / 17 days ago

Australia c.bank sees no need to adjust policy package

SYDNEY, July 21 (Reuters) - Australia’s central bank saw no need to adjust its package of policy measures in the current environment while negative interest rates remained “extraordinarily unlikely”, minutes of its July policy meeting showed on Tuesday.

The Reserve Bank of Australia (RBA) had, on July 7, left the cash rate at 0.25% in a widely expected move and said the “accommodative approach will be maintained as long as it is required”.

Its package of measures includes the cash rate at 0.25%, an “unlimited” government bond buying programme, term funding facility for banks and an interest rate of 10 basis points on exchange settlement balances held by financial institutions at the RBA.

“Members agreed, however, to continue to assess the evolving situation in Australia and did not rule out adjusting the current package if circumstances warranted,” the minutes showed. (Reporting by Swati Pandey; Editing by Muralikumar Anantharaman)

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