India, Feb. 18 -- The Reserve Bank of Australia lowered its benchmark rate for the first time since 2020 as upside risks to inflation eased but policymakers remained cautious about further easing.
The policy board of the RBA, governed by Michele Bullock, decided to reduce the cash rate target by 25 basis points to 4.10 percent. The decision was in line with expectations.
This was the first reduction since November 2020 and followed 13 rate hikes since May 2022.
Today, the interest rate paid on Exchange Settlement balances was also cut to 4 percent.
The board assessed that the monetary policy has been restrictive and will remain so after the reduction in the cash rate, the bank said.
"Some of the upside risks to inflation appear to have...