RBA says supply of reserves is still higher than demand
Transition from central bank-driven approach towards market-led system is ongoing, official says
Reserves in Australia are still above underlying demand, the country’s central bank has said.
The Reserve Bank of Australia is transitioning from a supply-driven monetary policy framework to one based on lenders’ appetite for open market operations (OMOs), while keeping lending rates near its target.
David Jacobs, the RBA’s head of domestic markets, said in a speech today (August 25) that the central bank aimed to achieve an ample supply of reserves in the economy via its regular full-allotment
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