Central Bank of Australia raises key rate to highest level in 11 years

The Reserve Bank of Australia (RBA) has raised its key interest rate by 25 basis points to an 11-year high of 4.10%, Report informs referring to the bank’s statement.

This further increase in interest rates is to provide greater confidence that inflation will return to target within a reasonable timeframe. The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that.