RBA makes $200mil in 2mths

Posted on 20/07/2009  

The Reserve Bank has made at least $200 million profit in the past two months trading on the volatile Australian dollar. Last month the RBA sold $1.9 billion of Australian currency, the largest amount offloaded by the bank in one move over the past five years. The transaction followed the RBA’s decision to sell $1.4 billion of currency in May and the two amounts were the largest month-to-month sales since late 2003. This decision coincided with the dollar trading at some of the highest points for the year, on the expectation that domestic interest rates would not be cut further from the current 49-year low of 3%.

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