RBNZ stays on hold at 5.5%, strikes more hawkish tone

(Image: Getty)

Wed, 29 Nov 2023

The Reserve Bank of New Zealand kept rates on hold at 5.5% as widely expected but didn't close the door to further rate hikes. “Interest rates are restricting spending in the economy and consumer price inflation is declining, as is necessary to meet the committee’s remit,” the monetary policy committee said in a statement. While the committee is confident the current level of the official cash rate (OCR) is restricting demand, it remains concerned about ongoing excess demand and inflationary pressures."If in...

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