RTTNews | Dec 20, 2021 08:14PM EST

20:13 Monday, December 20, 2021 (RTTNews.com) - Members if the Reserve Bank of Australia's Monetary Policy Committee said that the country is continuing to recover from the outbreak of the COVID-19 Delta variant, while the Omicron strain is also not expected to derail the recovery, minutes from the central bank's December 6 meeting revealed on Tuesday.

Inflation had increased but remained low in underlying terms, the bank said, while the Australia dollar had depreciated against other currencies.

The bank said that it will continue to provide supportive monetary conditions until such time as it has achieved its target of full employment and inflation in the 2 to 3 percent range.

At the meeting, Australia's central bank left its key interest rate unchanged at a record low of 0.10 percent. The board also voted to continue with the purchase of government securities at the rate of A$4 billion a week until at least mid-February 2022.

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