The Reserve Bank of Australia decided to raise interest rates for the first time in 12 years due to high inflation in the country.
The Reserve Bank of Australia has announced that it has decided to raise interest rates for the first time in 12 years. The bank increased 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 stated 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.
“Now is the time to start withdrawing some of the extraordinary monetary support that has been put in place to help the Australian economy during the pandemic,” said Philip Lowe, Governor of the Reserve Bank of Australia.
