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Economics

RBA Says Currency Containing Prices, Rate Appropriate

Australian central bank Governor Glenn Stevens reinforced investors’ view that the nations’ benchmark interest rate is appropriate in the near term, as a stronger local dollar helps contain inflation.

“Over the coming year, we think that inflation will be pretty close to where it is now, consistent with the target” of 2 percent to 3 percent, Stevens told the House of Representatives Committee on Economics in Canberra today. Regarding a rate move, he said that “there’s unlikely to be anything from us imminently.”