Australia's central bank raises rates by 50 bps in major surprise

By MG News | June 07, 2022 at 09:51 AM GMT+05:00

0:00

June 07, 2022: Australia's central bank raised its key cash rate by a surprisingly large 50 basis points to 0.85% on Tuesday and signaled yet more tightening would be needed as it battles to restrain surging inflation.

Wrapping up its June policy meeting, the Reserve Bank of Australia (RBA) said that given current inflation pressures and the still very low level of rates, the Board decided to move by 50 basis points.

Markets had been split on whether rates would rise by 25 basis points or 40 basis points.

Reuters

Related News

Trump reveals plan to set tariff rates without trade deals

UK autos exempted under U.S. tariff cut but steel still in question

Govt dismisses talk of $100m Roosevelt Hotel floor price

Name	Price/Vol	%Chg/NChg
KSE100	131,949.07 198.95M	0.97% 1262.41
ALLSHR	82,069.26 730.83M	0.94% 764.01
KSE30	40,387.76 80.88M	1.11% 442.31
KMI30	191,376.82 77.76M	0.36% 678.77
KMIALLSHR	55,193.97 350.11M	0.22% 119.82
BKTi	35,828.25 28.42M	3.64% 1259.85
OGTi	28,446.34 6.84M	-1.02% -293.01

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	108,125.00	110,525.00 107,865.00	-2290.00 -2.07%
BRENT CRUDE	68.51	68.89 67.75	-0.29 -0.42%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	0.75 0.78%
ROTTERDAM COAL MONTHLY	106.00	106.00 105.85	-2.20 -2.03%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.50	67.18 66.04	-0.50 -0.75%
SUGAR #11 WORLD	16.37	16.40 15.44	0.79 5.07%