The Council also decided on 30 basis point base rate hikes at policy meetings in June and July, amid spiking inflation.

The Council also decided on Tuesday to raise the O/N deposit rate by 30 basis points to 0.55% and the O/N and one-week collateralised loan rates by 30 basis points to 2.45%.

The O/N deposit rate and the collateralised loan rate mark the bottom and the top, respectively, of the central bank’s “interest rate corridor”.

The base rate is paid on mandatory reserves and preferential deposits.

In a statement released after the meeting, the Council reiterated its commitment to “maintaining price stability” and said it would perform a “comprehensive assessment” of the results achieved by the tightening cycle as well as “identify risks to the inflation outlook” in light of the central bank’s next quarterly Inflation Report due out in September.

“The Monetary Council will continue the cycle of interest rate hikes until the outlook for inflation stabilises around the central bank target in a sustainable manner and inflation risks become evenly balanced on the horizon of monetary policy,” the policy makers said.