Shamia N Irving, Thursday March 27, 2008 9:14pm
The RBA (Reserved Bank of Austrailia) governore Glenn Stevens spoke at a conference in Sydney, Australia. He informed those in attendance about the country's financial system and how it was pulling through despite the turmoil that was affecting the global marketplace, although some markets abroad had not yet stabilized. Stevens stated that the country has been sticking through this challenge for the pass nine months. "We have seen a significant reappraisal (re-evaluation) of certain categories of risk and considerable financial turbulence in key international markets." He also stressed the importance of liquidity (this makes it easier for an investor to get his/her money back out of the investment) and pledged that the RBA would provide funding as needed. Lastly, he explained that in the long term co-operative central bank action would be required. He finished up his speech by stating that the US Federal Reserve took a recent action that will help stabilize the financial system, despite the fact that many other central banks were experiencing inflationary pressures.
Although Australia has not fully solved all of their problems, it does seem as if they have them under control, which is always good. Unlike other countries who are experiencing major inflation problems, and haven't figured out the first step to get things on the up and up.
Some words I weren't sure what they meant so I looked them up and put the synonym or explained it in parenthesis.
http://www.economicnews.ca/login.php?page=reportsDetails&newsid=65130&prevview=&view=details&country=Australia&plimit=0&category=Australian%20Economic%20Reports
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