Record Interest Rate Decision by the Reserve Bank of Australia

The Reserve Bank of Australia announced new interest rate policies. The central bank raised the policy rate by 50 basis points to 2.35 percent in line with expectations. In this way, the policy rate in the country has seen the highest level since 2015.

Record interest rate decision from the Central Bank of Australia! While the central bank signed the fourth consecutive interest rate hike, it also raised the policy rate to the highest level in 7 years. The Reserve Bank of Australia raised the policy rate by 50 basis points to 2.35 percent. With the latest rate hike, the bank created the fastest tightening cycle. In May, the policy rate was at a record low of 0.1 percent. With the subsequent rate hikes, the interest rate moved to 2.35 percent. The Reserve Bank of Australia also signaled that policy rate hikes could continue. The Governor of the Reserve Bank of Australia, Philip Lowe, said that the monetary policy committee foresees interest rate hikes in the coming months, but noted that this does not indicate a predetermined path. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!