Australia Central Bank raises interest rate by 50 bps to 2.35%‎

The Federal Reserve Bank of Australia announced, in a statement on its official website, an increase in the official interest rate by 50 basis points from 1.85% to 2.35%, which is the fifth increase in the official interest rate in Australia for the fifth consecutive month.

The Governor of the Reserve Bank, Dr. Philip Lowe, said after the bank’s monthly board meeting today, Tuesday, that raising the interest rate is necessary to confront the very high inflation figures.