RBNZ hikes to 3.5%, will continue at pace

The rate hike was widely expected. (Image: NZME)

Wed, 05 Oct 2022

The Reserve Bank of New Zealand (RBNZ) has lifted its official cash rate by 50 basis points to 3.5% and reiterated it will continue “at pace”.“Inflation is currently too high, and employment is beyond its maximum sustainable level,” the monetary policy committee said.The RBNZ is mandated with keeping inflation between 1% and 3%, with a focus on the mid-point and ensuring maximum sustainable employment.Annual inflation is running at 7.3%.“Committee members agreed that monetary conditions needed to continue to tighte...

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