Australia raises interest rates for first time in over a decade


SYDNEY—The Reserve Bank of Australia raised its benchmark interest rate for the first time in more than a decade, acting to rein in high inflation that threatens the country’s economic recovery from the Covid-19 pandemic.

The RBA raised the cash rate to 0.35% from 0.10% and signaled that further hikes are likely as it seeks to bring long-term inflation back towards its 2%-3 target. %. This represents a significant shift in gears from the RBA, which as recently as March had shown patience even as other global central banks set the stage for aggressive policy tightening measures. monetary.


Wj

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button