Central Bank Raises Interest Rates to Combat Inflation

The Central Bank announced a 150 basis point increase in its benchmark interest rate in an aggressive move to combat rising inflation, which reached a 28-year high last month.

The decision, which was widely anticipated by financial markets, is expected to increase borrowing costs for businesses and consumers alike. Mortgage rates are forecast to rise significantly in the coming weeks.

The Bank Governor stated that controlling inflation remains the top priority and that the monetary policy committee will continue to act decisively until price stability is restored.