The Reserve Bank of Australia released its quarterly monetary policy statement today saying that economy will grow more than previously forecasted as the bank raised its economic expansion forecasts in 2009 to 1.75% compared with the previously expected 0.5%, while the economy is anticipated to expand 2.25% by mid 2010.

The RBA said that the Asian region is leading global recovery and the region's financial systems didn't show same deteriorations as in other regions. However, the bank said that interest rates will be raised gradually in the upcoming period.