RTTNews reports that minutes from the RBA Feb.2 meeting showed that members of the Monetary Policy Board agreed that the country's economy is recovering from the Covid-19 pandemic at a faster pace than expected,  revealed on Tuesday.

The development of numerous vaccines to treat the pandemic has spurred improvement in the global economy, the minutes showed. In Australia, unemployment has fallen more than expected, while inflation remains well below the target.

The members added that stimulus is expected to be in place for an extended period of time, although negative interest rates are unlikely.

At the meeting, the RBA decided to maintain the targets of 10 basis points for the cash rate and the yield on the three-year Australian Government bond.