by Ntombi Malatsi | Oct 8, 2017 | ECONOMIC NEWS
About Bank Of Australia (RBA)
Bank Rate 1.50%
Governor Phillip Lowe
Head quarters Sydney, New South Wales
Phillip Lowe is an Australian Economist who is currently serving as a Governor of the Reserve Bank of Australia (RBA) since September 2016. He was a deputy to Glenn Stevens from 2012 until he succeeded him in 2016.
Functions of the Reserve bank of Australia (RBA)
Reserve Bank of Australia is the Central bank of Australia, it was formed in 1960 on the 14th of January. The Reserve Bank of Australia is not a commercial bank and does not provide banking facilities to the general public. It only provides banking services to some government, commercial bank and other clients.
Duties Of The Reserve Bank Of Australia
The main duty of the Reserve Bank of Australia is to contribute to the stability of the currency (AUD), economic prosperity, full employment and welfare of the people of Australia. RBA is also responsible for setting the interest rates to meet an agreed medium term inflation target and also issuing the nation’s bank notes. The Reserve Bank Board members meet every 2nd Tuesday of the month, except in January to discuss the monetary policies and decide on interest rates. Short term interest rates are the paramount factor in currency valuation but the rates are priced in to the markets and tend to be overshadowed by the rate statement which focuses more on the future. There are only two more meetings left for 2017.
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by Ntombi Malatsi | Oct 1, 2017 | ECONOMIC NEWS
Economic News To Watch This Week
Last week was flooded with so much news from Central Banks. Bank of Japan (BOJ), Gov Kuroda kicked off our week with his speech at a meeting with business leaders, in Osaka. Monday. European Central Bank (ECB)Mario Draghi, testified about the economy and monetary policy before the European Parliament Economic and Monetary Affairs Committee, in Brussels. Federal Reserve Chair Janet Yellen also spoke later on the day. On the 27th, Bank Of Canada (BOC) Gov Poloz also spoke about the role of data dependency in setting monetary policy at the St. John’s Board of Trade, in Newfoundland. Reserve Bank Of New Zealand (RBNZ) left their interest rates unchanged at 1.75%. Canada GDP dropped to 0.0% from the expected 0.1%. Bank of England (BOE), Gov Carney delivered closing remarks at the Bank of England’s conference celebrating 20 years of independence, in London. On Friday, United States President Donald Trump delivered his tax plan and these were some of his views or comments regarding the tax cut:
- Tax code punishes companies for staying and encourages departure
- The huge Tax cut will be rocket fuel for America’s economy
- Tax plan means more production , more investment and more jobs
- Manufacture’s Tax rate will be capped at 25% maximum
- No one can beat U.S on level playing field
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