WELLINGTON: New Zealand’s central bank raised interest rates by 50 basis points (0.5%) to 3.0% on Wednesday, its seventh rate hike in a row in an effort to get on top of inflation.
All 23 economists in a Reuters poll had forecast the Reserve Bank of New Zealand (RBNZ) would hike the official cash rate (OCR) by 50 basis points to 3.0%.
“The Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability and contribute to maximum sustainable employment,” the RBNZ said in a statement.