RBNZ raises main interest rate to 5.75 - up 0.25%

NEW ZEALAND - The Reserve Bank of New Zealand said it has decided to increase the official cash rate by 25 basis points to 5.75 pct so that they no longer encourage accelerated spending although further increases were now "rather less likely" than was indicated in its May monetary policy statement.

In a statement, acting governor Rod Carr said: "Adjusting interest rates so that they no longer actively encourage accelerated spending makes sense, given that the momentum of the New Zealand econom

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