Australia central bank makes changes to money market operations
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FILE PHOTO: Pedestrians walk past the Reserve Bank of Australia building in central Sydney, Australia, February 10, 2017. REUTERS/Steven Saphore/File Photo
SYDNEY (Reuters) - Australia's central bank on Wednesday said it would increase the rate at which it lends to financial institutions in regular money market operations, a technical change that had no implications for monetary policy.
In a speech at a debt conference, Reserve Bank of Australia Assistant Governor Christopher Kent said it will increase the price of all new open market repurchase agreements by 5 basis points to 10 basis points over the cash rate target.
It would also introduce a seven-day term, in addition to the existing 28-day term, at each weekly operation, he added. The changes will take affect from April 9.
(Reporting by Wayne Cole; Editing by Himani Sarkar)
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