Central bank governor warns of more interest rate pain to come

Governor of the Bank of Portugal Mário Centeno has warned there will be more hikes in interest rates before they start coming down. A few hours before the Bank of England announced interest rates were going up again, to a 15-year high, Mário Centeno warned banks and families here of more pain to come, stressing there will be risks of ‘non-compliance’ on loan repayments by those most vulnerable. He suggests increases will continue into the summer, with the long-awaited fall in rates unlikely before 2024.