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The recent history of interest rate hikes
<!-- Summary -->Australia's interest rate hike yesterday was said to be the first by a G20 country since the financial crisis began. When was the last rate jump, and by which country?
<!-- /Summary -->The last rate hike among the Group of 20 was in Indonesia, where the key rate was boosted by 0.25 percentage points to 9.5 per cent in early October, 2008.
The Indonesian central bank was trying to take a bite out of rising inflation, even though almost everyone else in the world was cutting rates to try to stem the burgeoning financial crisis.
The previous G20 upward move was at the European Central Bank, which had pushed up interest rates by a quarter of a point in July, 2008, to 4.25 per cent.
When was the last time the Bank of Canada raised rates?
You have to go all the way back to July 10, 2007, when the Bank of Canada boosted the benchmark overnight rate by 0.25 points to 4.5 per cent.
The next change was a quarter-point cut to 4.25 per cent in early December of 2007, and it has been all downward since then. There have been nine more cuts, taking the overnight rate to its current level of 0.25 per cent.
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