High dollar benefits Australians, says RBA chief

Wednesday 13 June 2012

Article by Mozo

The strength of the dollar is benefiting people down under, according to Reserve Bank of Australia (RBA) governor Glenn Stevens.

Speaking at the government's economic forum in Brisbane, Mr Stevens said that the high value of the currency is good news for the Aussie on the street, although he conceded that traders are having a tough time of things.

The dollar is currently worth around 99 US cents and this means that Aussies are getting the best exchange rates when travelling abroad.

Mr Stevens said that as well as overseas trips, the high dollar means Aussies are in a better position to buy bargain imported goods. A lot of businesses would be glad to see the value of the dollar fall, but the RBA chief is not so sure.

"We shouldn't wish too quickly for a low exchange rate," he remarked.

The ongoing problems in the eurozone have allowed Aussies to get more for their money when travelling in this part of the world and places like India have also seen their currency fall sharply against the dollar in recent months.

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