10/4, 5:33 AM (Source: TeleTrader)
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Australia hikes central bank's base rate by 25 bp

The Reserve Bank of Australia (RBA) revealed on Tuesday it opted to raise interest rates in October, adjusting its monetary policy setting by 25 basis points.

The central bank's targets for the cash rate and the interest rate on Exchange Settlement balances will be increased, standing at 2.60% and 2.50%, respectively.

"The Board is committed to returning inflation to the 2-3 percent range over time. Today's increase in interest rates will help achieve this goal and further increases are likely to be required over the period ahead," RBA Governor Philip Lowe said.

Baha Breaking News (BBN) / NL