The Reserve Bank today increased the Official Cash Rate from 4.75 per cent to 5 per cent.
Reserve Bank Governor Don Brash recalled "In the last few months of 2001, the OCR was reduced by 100 basis points because we were concerned about the deflationary risks arising from a very weak world economy.
"Since our last Statement, the New Zealand economy has been stronger than we expected. Indeed, the economy is already operating at close to full ca
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