Reserve Bank of Australia (RBA)
The Reserve Bank of Australia (RBA) is Australia’s central bank. It conducts monetary policy, works to maintain a strong financial system and issues the nation’s currency. As well as being a policy-making body, the Reserve Bank provides selected banking and registry services to a range of Australian government agencies and to a number of overseas central banks and official institutions. It also manages Australia's gold and foreign exchange reserves. The Bank is a statutory authority, established by an Act of Parliament being the Reserve Bank Act 1959, which gives it specific powers and obligations. In terms of the Act, there are two Boards: the Reserve Bank Board and the Payments System Board. As written in the Act:
The Reserve Bank Board has to inform the Government, from time to time, of the Bank's monetary and banking policy. |
