RBNZ holds policy rate again

Policy-makers express optimism on inflation but remain cautious for now

Reserve Bank of New Zealand, Wellington
Photo: Rachael King

The Reserve Bank of New Zealand (RBNZ) held its policy rate for the eighth consecutive meeting today (July 10), with its monetary policy committee (MPC) expressing a less hawkish view on inflation.

The central bank kept its official cash rate at 5.5%, a level unchanged since May 2023 and the highest since December 2008.

“The committee agreed that monetary policy will need to remain restrictive. The extent of this restraint will be tempered over time consistent with the expected decline in

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