The Reserve Bank has raised the official cash rate (OCR) by 50 basis points, as expected, to 2.5 percent, and pointed to more rises in the future.
It is the third consecutive rate rise of such size and takes the OCR to its highest level since the start of 2016.
The central bank says it needs to keep raising the cash rate to counter strong inflation pressures and expectations.
The central bank has been focusing on rate hikes to fight raging inflation.
Economists have forecast the RBNZ raising rates by 50 basis points to 2.50 percent at today, while expecting the OCR to reach 3.50 percent or higher by the end of this year.
In May, the RBNZ raised its forecast for the terminal rate to a 3.9 percent peak by mid-2023 from 3.35 percent previous, hoping to see consumer price inflation returning to within a 1 to 3 percent target range.
More to come...
1 comment
Dear Jacinda
Posted on 13-07-2022 16:20 | By Yadick
On behalf of us all, thank you. ROLL ON ELECTIONS - Good bye Jacinda, good bye Labor.
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