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RBA cuts interest rates to record low on virus fears


RBA cuts interest rates to record low on virus fears

Australia’s central bank on Tuesday (Mar 3) slashed interest rates to a record low on fears the deadly coronavirus outbreak could push the country into recession.

The Reserve Bank of Australia (RBA) said it had lowered rates by 25 basis points to 0.50 percent in an effort to offset the impact of COVID-19.

This was the fourth reduction by the RBA in less than a year.

- Source: News websites

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