RBNZ halts tightening cycle
Central bank says policy rate will need to remain at a “restrictive” level for some time
New Zealand’s central bank paused its interest rate rises for the first time since October 2021 amid easing inflation and a sputtering economy.
The Reserve Bank of New Zealand’s seven-member monetary policy committee kept the official cash rate unchanged at 5.5% today (July 12), the highest level since December 2008.
The decision comes after the central bank raised rates by a total of 525 basis points in 12 consecutive meetings to curb inflation – the most aggressive tightening cycle since it
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