Reserve Bank of Australia hikes interest rates by 0.5% ...Middle East

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Reserve Bank of Australia hikes interest rates by 0.5%
source : Daily Sun ( Middle East ) () 15
SYDNEY: Reserve Bank of Australia (RBA), the central bank of Australia has lifted interest rates by 0.5 percentage points, marking the first time the bank has lifted rates for four consecutive months reported Xinhua.On Tuesday RBA Governor Philip Lowe said the rise in interest rates was due to the “high priority” to return inflation to the 2-3 per cent range.“The path to achieve this balance is a narrow one and clouded in uncertainty not least because of global developments,“ said Lowe.“The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time.”Since the first increase in May, interest rates have risen by a total of 1.75 percentage po

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