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MNI BRIEF: RBA To Change Policy Implementation Mechanism

(MNI) Melbourne
Central Bank NewsPolicy NewsAPACAustraliaBriefStoryRBARegion

The Reserve Bank of Australia will look to change how it implements monetary policy, targeting a plan to operate with ample reserves.

The system will meet demand for reserves via full allotment auction at the RBA’s open market operations. The RBA currently operates a floor system with an excess of reserves. Prior to the pandemic, the Reserve used a corridor system with scarce reserves. The RBA noted the ample reserve system would operate "somewhere between these two.”

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The Reserve Bank of Australia will look to change how it implements monetary policy, targeting a plan to operate with ample reserves.

The system will meet demand for reserves via full allotment auction at the RBA’s open market operations. The RBA currently operates a floor system with an excess of reserves. Prior to the pandemic, the Reserve used a corridor system with scarce reserves. The RBA noted the ample reserve system would operate "somewhere between these two.”

Keep reading...Show less