RBNZ hikes rates for first time in three years

New Zealand central bank increases OCR by 25bp to 2.75%

Graeme Wheeler

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

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