RBA Reports Record Loss as Stevens Gets Pay Rise Near Inflation

The Reserve Bank of Australia had a record loss of A$4.9 billion ($4.9 billion) in the 12 months through June as a rising local currency eroded the value of its foreign-exchange holdings.

Underlying earnings were A$897 million, realized valuation losses totaled A$1.1 billion and unrealized valuation losses amounted to A$4.7 billion, the central bank said in its 2011 annual report today. The latter was tied to a 16 percent gain in an index of the basket of currencies in which Australia’s foreign reserves are invested.