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Wednesday, May 4, 2016

Reserve Bank of Australia Cuts Cash Rate to New Low

Reserve Bank of Australia Cuts Cash Rate to New Low
Source: www.abc.net.au

 

The Reserve Bank of Australia has announced the board has officially decided to cut their cash rate by 25 basis points, which brings it down to a new low of 1.75 percent, effective May 4, 2016. 

This is the first time the interest rates have changed since May last year, according to ABC Australia news. One of the main reasons for this decision was based on the lower exchange rate of the Australian dollar helping the traded sector. Here’s a closer look at Australia’s financial economic data in a snapshot:

 

 

There’s no better time than now to grab your passport and plan your next vacation to Australia. Still can’t believe it? Within a 24-hour time period since this announcement was released, look at the spike in exchange rate from U.S. dollars to Australian dollars.

 

source: xe.com

 

So while you're busy planning that next vacation to Australia, keep in mind the Reserve Bank of Australia announced a new $5 dollar banknote will begin circulating on September 1, 2016. For more updates on the Australian dollar and other foreign currencies, join our platinum passport today. 

 

 

About Currency Exchange International
Currency Exchange International (CXI) is a leading provider of foreign currency exchange services in North America for financial institutions, corporations and travelers. Products and services for international travelers include access to buy and sell more than 90 foreign currencies, multi-currency cash passport’s, traveler’s cheques and gold bullion coins and bars. For financial institutions, our services include the exchange of foreign currencies, international wire transfers, purchase and sale of foreign bank drafts, international traveler’s cheques, and foreign cheque clearing through the use of CXI’s innovative CEIFX web-based FX software www.ceifx.com

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Posted By Jacquelyn McMullen @ceifx at 02:35 PM
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