Reserve Bank holds official cash rate steady at 5.5%

(Image: Getty)

Wed, 04 Oct 2023

The Reserve Bank of New Zealand today kept the official cash rate on hold at 5.5% and offered little in the way of forward guidance. "Interest rates are constraining economic activity and reducing inflationary pressure as required," the monetary policy committee said.It did, however, say that rates may have to remain higher for longer. "Interest rates may need to remain at a restrictive level for a more sustained period of time, to ensure annual consumer price inflation returns to the 1 to 3% target range and to support...

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