(MENAFN- Qatar News Agency) Australia's central bank has cut its benchmark interest rate by 25 basis points to 3%, as it looks to counter a slowdown in its mining sector. It has also been struggling with a stubbornly strong Australian dollar. A rate cut usually weakens a currency.
The rate cut is the second since October and came after the Reserve Bank of Australia's monthly policy meeting, according to the (BBC).
Australia's cost of borrowing is now at the same level it was during the global financial crisis of 2009.
The Australian dollar was little changed on the news, while the main Sydney stock exchange was down slightly.
Analysts said that as the mining boom starts to run out of steam, the other sectors of the economy will have to take over and drive growth.
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