Mon, 30 June
26.1 C
Yerevan
USD: 384.32 RUB: 4.89 EUR: 450.23 GEL: 141.11 GBP: 527.56

Australian Central Bank cuts key rate to record low

YEREVAN, August 6. / ARKA /. The Australian central bank on Tuesday cut rates for the eighth time in less than two years in a bid to improve sluggish growth as a boom in mining investment over the past decade comes to an end, Reuters reported.

The Reserve Bank of Australia lowered its benchmark cash rate by a quarter of a percentage point to a record low of 2.5 percent, bringing the total cuts since November 2011 to 2.25 percentage points.

Despite cooling growth in China, which is the main market for Australia’s mineral riches, resource exports are continuing to grow, and are expected to continue to do so as projects that are now in the pipeline begin operation.

In a statement accompanying the rate decision Tuesday, the central bank governor, Glenn Stevens, hinted at the divergent trends, saying that although there had recently been “signs of increased demand for finance by households,” the pace of borrowing had remained “relatively subdued.” -0-

spot_img

POPULAR

US dollar exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

Central Bank of Armenia considering introducing long-term mechanisms for insurance against fraud

The Central Bank of Armenia is considering the possibility of introducing mechanisms for insurance against fraud.

Armenian banks  in 2024 increased profit by 61% to 363 billion drams – UBA

Armenia-based banks made a profit of 363 billion drams in 2024, an increase of about 137 billion drams, or 61%, compared to 2023,  Daniel Azatyan, the head of the Union of Banks of Armenia (UBA) told a press conference today.

ACBA Bank summarizes the results of 2024 (video)

ACBA Bank summarized the results of 2024 and defined the future directions of the bank's development at the annual general meeting of shareholders, ACBA said in a press release today.

ACBA-CREDIT AGRICOLE BANK tells the success story of a hard-working farmer from the village of Hatis

ACBA-CREDIT AGRICOLE BANK told the success story of one of its clients - a hard-working farmer from the village of Hatis in Kotayk region of Armenia

LATEST NEWS

spot_imgspot_imgspot_img