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.
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