RBNZ continues to hold policy rate

MPC suggests the rate will stay put for some time

Reserve Bank of New Zealand
The Reserve Bank of New Zealand
Photo: Phillip Capper/Flickr

The Reserve Bank of New Zealand (RBNZ) kept its policy rate unchanged at 5.5% on October 4. The monetary policy committee last increased the official cash rate in May.

The MPC held out little hope for cuts in the near term. In a statement, policy-makers said they had concluded “that interest rates may need to remain at a restrictive level for a more sustained period of time”.

The official statistics agency recorded 6% inflation year on year at the end of the second quarter of 2023. This is a

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