RBNZ delivers surprise hold in split decision
Quarter point hike voted down by 4-3 as all board members agree tightening is likely to be needed
New Zealand’s central bank held its policy rate today (October 28) in a split decision that surprised market observers, who had widely predicted a tightening, and which saw the country’s currency depreciate further.
The Reserve Bank of New Zealand (RBNZ) held policy at 2.75%, according to a statement, with governor Anna Breman and three other board members voting in favour of the measure. The central bank’s chief economist and two other board members voted to tighten policy by 25 basis points.
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