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Australia's central bank would welcome slightly lower Australian dollar

Tuesday, March 8, 2016 - 09:12

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A top Australian central banker on Tuesday said he would welcome a fall in the local currency, but acknowledged it was hard to obtain when so many central banks around the world were easing policy.

[ADELAIDE] A top Australian central banker on Tuesday said he would welcome a fall in the local currency, but acknowledged it was hard to obtain when so many central banks around the world were easing policy.

Reserve Bank of Australia (RBA) Deputy Governor Philip Lowe said the recent rise in the local dollar had been relatively mild overall, but he would welcome "a slightly lower currency." The Australian dollar hit an eight-month high this week around US$0.7486.

Mr Lowe noted almost every central bank in the world would like a lower currency right now and that was impossible to achieve for everyone.

Answering questions after giving an upbeat speech on the economy, he said growth was likely to pick up next year as headwinds from falling mining investment and lower commodity prices began to wane. "We're doing OK in what has been a very difficult environment," said Mr Lowe.

REUTERS

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