RBA wins A$8.8bil treasury grant

  • Business
  • Thursday, 24 Oct 2013

SYDNEY: Australia’s new conservative government said it will make a one-off A$8.8bil (US$8.5bil) grant to the Reserve Bank of Australia (RBA) to strengthen its finances, a day after it announced plans to lift the national debt ceiling by more than two thirds.

Treasurer Joe Hockey said the cash injection would enhance the central bank’s capacity to conduct monetary policy and foreign exchange operations.

“The Governor of the Reserve Bank has written to me indicating that the Reserve Bank Board believes that it would be appropriate for the Reserve Bank Reserve Fund to be increased to 15% of the bank’s assets at risk,” Hockey wrote in a press statement. — Reuters

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