Australia on Tuesday became the first G20 nation to raise borrowing costs since the start of the global financial crisis more than a year ago, as the central bank unexpectedly raised its benchmark interest rate from a 49-year low and signalled more increases in coming months, reports Bloomberg. Reserve Bank governor Glenn Stevens increased the overnight cash rate target to 3.25% from 3%, driving the Australian dollar to $0.8834 from $0.8762 .

This entry was posted by Gwen Robinson on Tuesday, October 6th, 2009 at 4:52 and is filed under Capital markets, People. Tagged with rba. Edit this entry.