SYDNEY, Aug 1, 2023 (BSS/AFP) - Australia left its key interest rate unchanged Tuesday, with central bank governor Philip Lowe saying previous hikes were "working" but the outlook was uncertain. The pause is the second in a row that the rate has been kept on hold at 4.1 percent, following a string of rises aimed at taming runaway prices. Central banks raise rates to make borrowing more expensive, reducing the buying power and demand of consumers and businesses, which usually pushes prices down. The US Federal Reserve increased its benchmark lending rate in July. But New Zealand left its key rate unchanged last month following a number of hikes.

Source: Bangladesh Sangbad Sangstha August 01, 2023 09:59 UTC