RBNZ hikes by 25 basis points to 5.5%

NZD takes a tumble (Image: BusinessDesk)

Wed, 24 May 2023

The Reserve Bank of New Zealand lifted the official cash rate by 25 basis points to 5.5% and indicated it is done for now.“The committee agreed the level of interest rates is constraining spending and inflation pressure,” it said in a statement.It is “confident” that with interest rates remaining at a restrictive level for some time, consumer price inflation will return to within its target range of 1-3% per annum, while supporting maximum sustainable employment.According to the record of the meeting, the committee voted...

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