Weather disaster is fiscal, private sector challenge – RBNZ

Reserve Bank governor, Adrian Orr, said the central bank needed to do the right thing by its remit. (Image: Getty)

Wed, 22 Feb 2023

The Reserve Bank of New Zealand lifted the official cash rate by 50 basis points to 4.75% and said it's too early to assess the impact of Cyclone Gabrielle and other recent severe weather events.However, it said monetary policy is set with a medium-term focus. As a result, it said the committee decided to look through the "short-term direct price pressures stemming from these extreme weather events, and focus on the medium-term impacts on inflation and maximum sustainable employment”.As expectedThe move was widely expected,...

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