Australia

Australian Central Bank Keeps Interest Rate at Record Low 2.5 Percent

Expresses concern over "uncomfortably high" Aussie dollar

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The Reserve Bank of Australia on Tuesday decided to keep its benchmark cash rate unchanged at a record low of 2.5 percent for a fourth consecutive time while reiterating policymakers' concern that the Australian dollar still remained "uncomfortably high".

"The Australian dollar, while below its level earlier in the year, is still uncomfortably high," Governor Glenn Stevens said in a statement. He also noted that a lower level of the exchange rate is needed to achieve balanced growth in the economy.