The Central Bank of Australia has lowered its key interest rate from 0.75% to 0.5% per annum. The regulator reduces the rate for the fourth time in less than a year, bringing it to a record low. Prior to this, the rate was reduced in June, July and October 2019. This decision was unexpected for market participants, and only two economists surveyed by Reuters predicted a rate cut. The head of the Reserve Bank of Australia, Philip Law, said that the spread of coronavirus could have a significant impact on the country's economy, and it is difficult to predict how harmful the consequences would be. The politician also noted that the Board of Governors of the Central Bank is ready to further soften monetary policy in order to support the Australian economy.
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