Reserve Bank of Australia marks 18% jump 2018-2019 net profit
From the land down under, the central bank of Australia reported an 18% increase in net profit in the previous financial year, as its annual financial statement reflected on Thursday.
The sharp depreciation of Australia’s currency helped its foreign reserves yield significant results.
The Reserve Bank of Australia (RBA) reported A$4.55 billion net profit ($3.09 billion) for the year 2019-2020 as opposed to A$3.85 billion in 2017-2018.
The Australian dollar or Aussies dollar dropped more than 8% in the previous financial year due to domestic growth slowdown affecting risk-sensitive assets.
Most of Australia’s Reserve Bank transactions in the foreign exchange market were linked to foreign exchange services to its clients.
As of June 30, the official reserve assets of Australia, comprising foreign currency assets, commodities in gold and international reserve asset created by the International Monetary Fund (IMF) accounted for a total of A$77.5 billion.
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