RBNZ review says monetary tightening could have started earlier

The Reserve Bank of New Zealand
Photo: Rachael King

The Reserve Bank of New Zealand (RBNZ) could have tightened monetary policy earlier in 2021, it said in a review of its recent actions.

The dramatic monetary easing during the Covid-19 pandemic was largely warranted and worst-case economic scenarios were avoided, said the review, published on November 10.

The RBNZ was among the first central banks from advanced economies to start raising interest rates in 2021 amid rising global inflation. It has raised the policy rate by a total of 325 basis

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