Economy
Australia’s central bank hikes policy rate by 25 basis points
Inflation has passed its peak but current level of 7% is still ‘too high,’ Reserve Bank of Australia says
Gokhan Ergocun |
02.05.2023 - Update : 02.05.2023
ISTANBUL
The Reserve Bank of Australia (RBA) increased its policy rate by 25 basis points to 3.85% on Tuesday.
The bank also increased the rate paid on exchange settlement balances by 25 basis points to 3.75%.
The RBA stressed that the inflation has passed its peak but the current level of 7% is still "too high."
"The Board judged that a further increase in interest rates was warranted today," it added.
It held interest rates constant at the last meeting in April.
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