PGG Wrightson CEO: OCR hike would hurt rural sector confidence

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Wed, 28 Feb 2024

A further hike in interest rates would be an unwelcome knock for lagging confidence within the rural sector, PGG Wrightson chief executive Stephen Guerin says.There has been a tense debate over what the Reverse Bank of New Zealand’s (RBNZ) monetary policy committee will do with the official cash rate (OCR) this week.While most economists believe the OCR will be held steady at 5.5%, some believe a hike could be on the cards.ANZ came out last week saying it expected the RBNZ to hike by 25 basis points to 5.7% this week and then again in May...

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