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.
