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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