New Zealand holds rates at 8.25%

The Reserve Bank of New Zealand's rate-setting board voted on Thursday to keep the benchmark official cash rate at 8.25% in spite of high inflation.

Inflation, which hit 3.2% in December is set to remain above 3%, the upper limit of the Reserve Bank's target range, in 2008. But uncertainty in the global economy made a rate hike unlikely. At 8.25%, the rate is also already one of the highest in developed economies.

Alan Bollard, the governor of the Reserve Bank, which pioneered inflation targe

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