Australia's central bank raised its key interest rate for the first time in over 11 years as inflation picked up more than expected and the economy strongly weathered the headwinds.
The policy board of the Reserve Bank of Australia, headed by Governor Philip Lowe, decided to lift the cash rate target by 25 basis points to 0.35 percent. Markets had expected a 15 basis-point hike.
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by Renju Jaya
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