The central bank governor says he is willing to intervene in currency markets to lower the dollar. Source: AAP
THE Reserve Bank governor has not ruled out intervening to lower the value of the Australian dollar, and says he has considered doing so more than once.
RBA governor Glenn Stevens has recently described the exchange rate as "uncomfortably high", says it needs to fall to help the non-mining sectors of the economy.
The Australian dollar is currently trading near 89 US cents.
He told a parliamentary committee on Wednesday that the Aussie shouldn't be above 90 US cents at the moment, and he's not ruling out intervening by selling the local currency and buying foreign currencies.
"If it seems to be appropriate ... taking into account the fundamentals as best that we can judge, then we'd do so," Mr Stevens said.
"I don't really want to set out in advance specific triggers which might induce intervention."
Mr Stevens said he had recently considered intervening to bring down the Australian dollar, but the mining boom was always going to end and that would lower the exchange rate.
"On occasion, intervention can be quite useful. It still is. It's just that we've just been through a very unusual episode," he said.
"That's why when I've thought about intervention, more than once over the past several years, we've, by and large, eschewed it to date."
Mr Stevens said he still favoured the Australian dollar staying as a floating currency.
"I think there's been many such frustrations in both directions over the years. But, by and large, it's worked very well and I expect it still will," he said.
"Two or three years ago with the currency rising strongly, with the terms of trade rising, it was always likely the Aussie dollar was going to go quite high for a period and I think that was quite a powerful fundamental.
"So, you can't get anywhere fighting a fundamental trend."
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