On the instructions of the Australian government, the Central Bank of Australia has just taken new executive steps and measures to revive the Australian economy for fear of collapse, after the current crisis caused by the Corona virus and its impact on the economy in the country of Australia.
On the sidelines of that urgent meeting, the Australian Central Bank took those villages to support the economy of the State of Australia, and the purpose is to help banks, finance and financial leasing companies to overcome the repercussions of the crisis on the Australian economy.
And according to what was monitored by the "Al-Nasr newspaper" from a publication issued by the Central Bank of Australia that was circulated on social media, the Australian Central Bank decided to take a package of stimulus measures as follows:
1- The Australian Central Bank has requested all Australian banks to refrain from selling or implementing collateralised against loans and financing operations offered to clients, and this decision is excluded if the request for disposal is submitted by the customer in Australia.
2- First, reduce the basic interest rate in Australia and the discount rate by a quarter of a percentage point to 2.5% from 2.75% to boost growth in the Australian economy.
3- The average interest rate in Australia on this issue reached 2.5 percent, compared to 2.75 percent for the previous version.
4- All Australian banks must at the present time respond to all requests to postpone the payment of installments and interest / profits of loans affected by the repercussions of the current situation in the State of Australia, especially small and medium enterprises, and that period is six months with immediate effect and that does not affect its credit rating.
5- Reducing overnight deposits from 2.00% to 1.50% in all Australian banks, and the interest rate for one month deposits from 2.45% to 2.20%.
6- Lending facilities at 4.00% for all clients in Australia.
7- All loans related to the financing of government projects in Australia for the year 2020 AD are granted from the credit rating for a period of up to six months, in accordance with the instructions provided by the Australian Central Bank in the circulars previously issued in that regard.
8- Generally consider reducing the fees imposed at the present time on all banking services in Australia and not adding any new fees during the current year 2020 AD until further notice.
9- Reducing the interest rate in Australia on Australian government treasury bill deductions by 100 basis points to one percent.
10- Reducing the interest rate in Australia on foreign exchange swaps by fifty basis points, and raising the maximum period for currency swap operations to six months.