RBNZ chief may raise rates until it 'hurts'

Reserve Bank of New Zealand governor Alan Bollard said in a radio interview he is willing to raise interest rates ``in a way that really hurts,'' to stop people thinking they can keep borrowing money to spend.

People need to stop using their homes as a source of cash, Bollard told Radio New Zealand on Thursday 3 November.

``That's why we will keep making these warnings and if necessary take further action,'' Bollard told the Wellington- based broadcaster. The central bank ``can increase interest

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