RBNZ delivers fourth straight 50bp rate hike

Reserve Bank of New Zealand, Wellington
Photo: Rachael King

New Zealand’s central bank today (August 17) delivered another interest rate hike to curb inflation, taking its benchmark interest rate to 3% – a level not seen since September 2015.

In a widely expected move, the Reserve Bank of New Zealand raised its official cash rate (OCR) by 50 basis points, marking its fourth consecutive 50bp hike, and the seventh consecutive rate increase.

Announcing its decision, the central bank said consumer price inflation is currently too high and labour remains

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