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RBA's Stevens says weaker FX rate is assisting shift from mining boom

Investing.com –

Investing.com – The Reserve Bank of Australia sees the lower exchange rate supporting the economy’s transition from its mining-investment boom, Governor Glenn Stevens said Friday.

The reversal of substantial spending in the resources sector during the investment phase of the mining boom is reversing and causing a drag on demand that is slowly coming around, he said.

“We can hope to assist it, and the Reserve Bank is doing that, and will continue to lend what support it can, within the limits of its powers and consistent with its mandate,” Stevens said.

“The decline in the exchange rate is assisting the transition. But we have always said we cannot hope to fine-tune this transition – however much we may wish otherwise.”

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