Reserve Bank of New Zealand News Release

NEWS RELEASE - OCR increased to 5.75 per cent, 3 July.

The Reserve Bank of New Zealand today increased the Official Cash Rate from 5.5 per cent to 5.75 per cent, but also signalled that further increases were now rather less likely than was indicated in the Reserve Bank's May Monetary Policy Statement.

Reserve Bank Acting Governor Rod Carr commented: "Adjusting interest rates so that they no longer actively encourage accelerated spending makes sense, given that the momentum of the New Zealand

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