The US central bank (the Federal Reserve) has raised interest rates again, despite fears that the move could add to financial turmoil after a string of recent bank failures.

The Federal Reserve raised the key interest rate by 0.25 percentage point to 5 percent, describing the US banking system as strong and resilient.

But he also warned that banking turmoil could hurt economic growth in the coming months.

Meanwhile, the Bank of England (British central bank) is also expected to raise interest rates for the 11th time in a row after a sudden increase in inflation rates.

Analysts believe that the bank will raise interest from 4 percent to 4.25 percent.