The Reserve Bank of Australia (RBA) kept rates at 0.25%, in a widely expected move, but surprised markets by increasing the size of its term funding facility to around A$200bil (US$148.08bil) at a fixed rate of 25 basis points for three years.
SYDNEY: Australia’s central bank has unexpectedly expanded its low-cost funding scheme for lenders as the economy looked set to post its worst contraction since the Great Depression due to the coronavirus pandemic.
The Reserve Bank of Australia (RBA) kept rates at 0.25%, in a widely expected move, but surprised markets by increasing the size of its term funding facility to around A$200bil (US$148.08bil) at a fixed rate of 25 basis points for three years.
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