RBNZ increases OCR to 6.25 per cent

The Reserve Bank of New Zealand has increased the Official Cash Rate from 6.00 per cent to 6.25 per cent. The RBNZ said that further tightening of monetary policy is likely to be required.

Speaking at the release of the Reserve Bank's September 2004 Monetary Policy Statement, Reserve Bank Governor Alan Bollard said "The New Zealand economy is performing very strongly. On balance, the recent economic data has delivered positive surprises. Economic growth is near its peak, but resources will rem

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