Thursday, September 04, 2008

Slowing Australian economy

To stimulate a slowing economy, the Reserve Bank of Australia lowered the cash rate by 25 basis points to 7.0%, effective 3 September 2008.

The Herald Sun reported that " ... the Aussie's collapse from its mid-July peak of US98.49c has been the most visible sign of the economy cooling to its slowest level of growth in more than two years..."

Aiyah. Because of this, my Aussie dollar fixed account has receded 8.6% (from S$1.3187 to today's S$1.2047).

Australian Dollar to Singapore Dollar Exchange Rate

Can't change into S$. Have to keep in A$, and survive on interest. Poor baby fund ...



Post Date: 4 Sep 08

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