NZ interest rate up to record 8%

The markets were taken by surprise on 7 June when the New Zealand central bank raised its key interest rate to a record 8% from 7.75%, in efforts to stem inflation.

The quarter point rise was the third hike this year, and the 8% rate is the highest since the introduction of the benchmark rate in March 1999.

The central bank stated that it was aiming to keep inflation within a 1% to 3% target range over the medium term, and governor Alan Bollard said that if the Official Cash Rate had not been r

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