The Reserve Bank of Australia is planning to raise interest rates.

The Reserve Bank of Australia decided to raise interest rates after 12 years due to high inflation. “Now is the time to start withdrawing some of the extraordinary monetary support,” said Philip Lowe, Governor of the Reserve Bank of Australia.

Reserve Bank of Australia Goes to Increase Rates. Globally rising inflation has caused many central banks to increase interest rates. One of them was the Central Bank of Australia. Making a statement after the critical meeting, Reserve Bank of Australia Governor Philip Lowe said, "Now is the time to start withdrawing some of the extraordinary monetary support that has been implemented to help the Australian economy during the pandemic process."

First in 12 Years

The bank decided to raise the loan interest rate by 25 basis points to 0.35 percent for the first time since November 2010. In the decision text of the bank, it was emphasized that the high inflation rate, which was at the level of 5.1 percent according to the latest figures, was effective in the decision to increase the interest rates.       You May Also Be Interested In: https://ieconomy.io/kritik-fed-toplantisi-ne-zaman-piyasalari-neler-bekliyor/