(MENAFN) The Australian central bank decided to leave its key interest rate as it is, after cutting it by a percentage point over the past nine months, AP reported.
The move to put the Official Cash Rate at 3.5 percent on hold was widely expected by economists. The central bank said growth at major export market China has moderated but doesn't appear to be slowing further.
It said that China is now growing at a more sustainable pace and other parts of Asia are recovering from last year's natural disasters.
The central bank cut the rate at meetings in June, May, December and November as economic growth slowed.
It said cutting interest rates is stimulating the Australian economy during a subdued patch for the world economy.
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