Policymakers of the Reserve Bank of Australia said more interest rate hikes will be needed in the process of normalizing monetary policy over the months ahead, the minutes of the meeting held on August 2 showed Tuesday.
At the meeting, the board had decided to raise the cash rate by 50 basis points to 1.85 percent. It also increased the interest rate on Exchange Settlement balances by 50 basis points to 1.75 percent.
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by Renju Jaya
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