UPDATED Wheeler gives clear signal OCR is set to rise as economy gathers momentum

Wed, 11 Dec 2013

(Recasts, adding investor comment, updates market reaction) By Paul McBeth Dec. 12 (BusinessDesk) – Reserve Bank governor Graeme Wheeler says “considerable momentum” in the New Zealand economy means record low interest rates are no longer appropriate in the face of inflation pressures that are “projected to increase.” Wheeler said he will raise the official cash rate from 2.5 percent “as needed in order to keep future average inflation near the 2 percent target midpoint.” The kiwi dollar climbed to 82.62 US cents from 82.37 cents immediate...

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