Australian central bank raises key rate to 9-year high

Australia's central bank on Tuesday raised its key interest rate by 25 basis points to a nine-year high of 2.60%. The regulator did not rule out further tightening of monetary policy, Report informs.

As a result of the October meeting, the Central Bank said that the interest rate had been significantly increased in a short period of time, so it was decided to slightly slow down the rate of increase.

This was the sixth rate increase since May of this year. In total, during this time the rate was increased by 250 basis points.