The Reserve Bank of Australia (RBA) on Tuesday raised its key interest rate by 25 basis points to 3.85% per annum. This decision came as a surprise to analysts: according to their forecasts, the market expected the rate to remain at the same level. In April, the Australian central bank did not change the rate and paused in the policy tightening cycle. Statistics for the first quarter of the year showed that inflation in the country slowed from 7.8% to 7%, and market participants expected that the regulator would refuse to further tighten policy. However, the Central Bank's management sees the inflation rate as still too high to stop the rate hike. Reserve Bank Governor Philip Lowe said: «Inflation in Australia has peaked, but 7% is still too high, and it will take time for it to return to the target level.» Analysts note that since May last year, the current increase was the 11-th increase in the cost of lending. In total, the rate was raised by 375 bp.
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