New Zealand hikes interest rates again
A currency exchange teller counts out Hong Kong dollars alongside a stack of New Zealand dollars in Auckland, April 21, 2007 - by Dean Treml
The Reserve Bank of New Zealand raised the Official Cash Rate (OCR) 0.25 points to 3.0 percent in a well-flagged move that had been widely anticipated by financial markets.
"By increasing the OCR as needed to keep future average inflation near the 2.0 percent target mid-point, the bank is seeking to ensure that the economic expansion can be sustained," governor Graeme Wheeler said in a statement.
The hike comes after New Zealand last month became the first advanced economy to lift interest rates since 2012, ending a three-year freeze when the benchmark rate rose to 2.75 percent from 2.5 percent.
MORE REGIONAL NEWS
Latest Photo Galleries on xinmsn
The world's great apes face extinction within decades, renowned chimpanzee expert Jane Goodall warned Tuesday in a call to arms to ensure ma... More The world's great apes face extinction within decades, renowned chimpanzee expert Jane Goodall warned Tuesday in a call to arms to ensure man's closest relatives are not wiped out. Duration: 00:58
Date 3 hrs ago, Duration 0:57, Views 36