Interest rates are expected to go up further this year (image RSMcLeod/iStockPhoto)(RSMcLeod iStockPhoto)
The Hong Kong Monetary Authority (HKMA) raised the base rate by 25 basis points to 2.25% on Thursday, following a 25 basis point move by the US’s Federal Reserve.
This is the second time the de-facto central bank in Hong Kong increasing the rate this year.
“It’s only a matter of time before banks raise deposit and prime rates as the upward trend in Hibor, the benchmark interbank lending rate, is obvious, HKMA chief executive Norman Chan said during a press conference on Thursday.
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