Australian central bank halts rate hikes

The Reserve Bank of Australia (RBA) left interest rates unchanged for the first time after 10 consecutive hikes at 3.6 percent, in order to focus on the impact of its tightening policy, the bank announced on Tuesday.

The RBA has warned in its April policy meeting against more tightening of monetary policy, in order to curb inflation and recover the slow economy.

“The decision to hold interest rates steady this month provides the Board with more time to assess the state of the economy and the outlook, in an environment of considerable uncertainty,” said the RBA governor, Philip Lowe.

Inflation data released last week has showed the Australian annual price hikes falling steadily, landing at 6.8 percent in February.