Reserve Bank keeps official cash rate at 5.5%

The decision was widely expected. (Image: NZME)

Wed, 12 Jul 2023

The Reserve Bank of New Zealand held the official cash rate steady at 5.5% and reiterated it will stay there for “some time”. “The level of interest rates are constraining spending and inflation pressure as anticipated and required,” it said in a statement. The decision was widely expected. It's the first time the RBNZ hasn't lifted the key rate in almost two years.The monetary policy committee said it is “confident” that with interest rates staying at a restrictive level for some time, cons...

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