RBNZ hikes rates for first time in three years
New Zealand central bank increases OCR by 25bp to 2.75%
The Reserve Bank of New Zealand (RBNZ) today ended three years of interest rate holds, raising the overnight cash rate (OCR) from 2.5% to 2.75%, and signalling that further tightening is a distinct possibility.
Governor Graeme Wheeler, announcing the decision, highlighted signs of strength in the New Zealand economy and rising inflationary pressure as key elements in the decision.
GDP is estimated to have grown 3.3% in the year to March, aided by a gradual return to growth among New Zealand's
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Monetary Policy
GCC central banks follow Fed by reducing rates
Saudi Arabia, UAE and Bahrain opt for 25bp cuts, while Qatar loosens by 30bp
Banxico working paper tackles ‘loan puzzle’
Study finds that banks increase credit to low-delinquency sectors following policy tightening
Europe’s central banks diverge on monetary policy
Norway holds, while Albania, Czech Republic and Sweden proceed with cuts
Bank of England cuts policy rate to 4.75%
Policy committee votes by 8–1 to reduce bank rate by 25bp
Brazil maintains tightening stance with 50bp hike
Policy committee cites strength of economy and external uncertainty as reasons for unanimous decision
BIS paper explores how AI can predict asset demand
Better data availability and modelling techniques help central banks evaluate market reaction to QE
Reserve Bank of Australia holds policy rate again
Central bank says underlying inflation remains “too high”
Argentina reduces policy rate for first time since May
Analyst says 500bp cut means country is unlikely to lift currency controls soon