New Zealand's central bank raises rates by 75bps | Inquirer Business

New Zealand’s central bank raises rates by 75bps

/ 09:44 AM November 23, 2022

WELLINGTON  – New Zealand’s central bank raised interest rates by 75 basis points to a near 14-year high of 4.25 percent on Wednesday and flagged more hikes to come as it struggles to contain stubbornly high inflation.

Fifteen of 23 economists in a Reuters poll forecast the Reserve Bank of New Zealand (RBNZ) would move by 75 basis points, the ninth straight hike since it began tightening in October 2021.

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It now expects the cash rate to peak at 5.5 percent in September 2023, according to the monetary policy statement.

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