no rate rise by rba

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    *DJ Australia&aposs RBA Keeps Cash Rate Steady At 5.25%

    (MORE) Dow Jones Newswires
    February 03, 2004 17:30 ET (22:30 GMT)
    DJ Australia&aposs RBA -2: No Move Had Been Expected

    SYDNEY (Dow Jones)--The Reserve Bank of Australia kept its cash rate steady at 5.25% Wednesday, meeting market expectations that monetary policy would be left unchanged.
    Although economists expected the central bank to maintain a tightening bias, the strength of the Australian dollar, signs of a cooling in the housing market and a lack of inflation pressures were viewed as enough to allow the Reserve Bank to stay on hold.
    The Reserve Bank raised rates by 25 basis points in both November and December in the light of a robust domestic economy and a recovering global economy.
    The central bank&aposs board met for the first time in 2004 Tuesday, and as is customary when rates are left unchanged, no statement was issued.
    However, the Reserve Bank will update the market on its views when the quarterly monetary policy statement is released Monday.
    -By Clyde Russell, Dow Jones Newswires;
    612-8235-2958 [email protected]
    -Edited by Paul Godby

    (END) Dow Jones Newswires
    February 03, 2004 17:30 ET (22:30 GMT)
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