RBNZ increases OCR to 6.50 per cent

The Reserve Bank of New Zealand announced on Thursday 28 October that it has increased the Official Cash Rate from 6.25 per cent to 6.50 per cent.

Reserve Bank Governor Alan Bollard said "New Zealand's economy is still performing strongly and recent domestic economic data has delivered positive surprises. Resources will remain stretched for some time yet, and there are still inflation pressures.

"However, the recent monetary policy tightenings still have to work their way through the economy, a