Australias central bank raised its benchmark rate by a quarter-point to bring inflation back to the target range. The policy board of the RBA, headed by Governor Philip Lowe, decided to lift the cash rate target by 25 basis points to 2.60 percent from 2.35 percent. However, the pace of rate hike was slower than the expected 50 basis point increase. The board also increased the interest rate on exchange settlement balances by 25 basis points to 2.50 percent. Powered by Commodity Insights
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