Not new news (first reported in February), but the Australian Financial Review is carrying the story today of the government’s ‘raid’ on RBA earnings last year and the risks to the RBA emergency fund. The fund is currently around $A2bn, RBA governor Stevens believes it should have at least $6bn.
RBA emergency fund at risk after raid (gated)
No wonder the RBA is reticent to intervene in AUD.
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