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Where did reserve banks come from – and what’s monetary policy? – Sydney Morning Herald
Where did our Reserve Bank come from and what does it do? What is central banking? And what is monetary policy?
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It is Australias most important bank but it doesnt have any customers. You cant open an account with this bank, its unlikely youll ever meet the manager and it doesnt even have ATMs.
But the Reserve Bank of Australia is pivotal to the national economy. From house prices to wages, the Reserve (RBA) influences even the smallest financial transaction in the country. It does this through monetary policy the interest rate set by the bank once a month…
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