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Australian central bank leaves rates on hold at 2.0 percent

Xinhua, July 7, 2015 Adjust font size:

The Reserve Bank of Australia (RBA) has left Australia's official interest rate on hold at the record low of 2.0 percent.

RBA governor Glenn Stevens said in a statement that although Australia's economy is growing at a below average pace, one good sign is that there are higher rates of borrowing.

"Credit is recording moderate growth overall, with stronger borrowing by businesses and growth in lending to the housing market broadly steady over recent months," Stevens said.

Stevens said the RBA expects to increase its policy rate later this year. However he left the door open for further rate cuts, saying monetary policy needs to be accommodative to global financial conditions.

Stevens said that while the Australian dollar had fallen against the U.S. dollar, it hasn't dropped as much against other currencies.

"Further depreciation seems both likely and necessary, particularly given the significant declines in key commodity prices," Stevens said. Endi