Breaking: RBA raises OCR by 25 bps to 3.35% in February, as expected

The Reserve Bank of Australia (RBA) board members decided to raise its official cash rate (OCR) by another 25 basis points (bps) from 3.10% to 3.35%, as widely expected when they met at their February 7 monetary policy meeting, the first of this year.

According to the latest Reuters poll, the RBA was expected to deliver a fourth successive quarter-point interest rate hike on Tuesday. The central bank would likely follow it up with a fifth in March as it continues its battle to tame inflation.

more to come ....

About RBA rate decision

RBA Interest Rate Decision is announced by the Reserve Bank of Australia. If the RBA is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the AUD. Likewise, if the RBA has a dovish view on the Australian economy and keeps the ongoing interest rate, or cuts the interest rate it is seen as negative, or bearish.