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RBNZ raises cash rate by 50 bps to 2.0%

This advertisement has not loaded yet, but your article continues below. Author of the article: Article content WELLINGTON — New Zealand’s central bank raised interest rates by 50 basis points to 2.00% on Wednesday, its fifth rate hike in a row as it seeks to get on top of inflation. All but one of 21…
byAva Gardner
May 25, 2022
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RBNZ raises cash rate by 50 bps to 2.0%
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WELLINGTON — New Zealand’s central bank raised interest rates by 50 basis points to 2.00% on Wednesday, its fifth rate hike in a row as it seeks to get on top of inflation.

All but one of 21 economists in the Reuters poll forecast the Reserve Bank of New Zealand (RBNZ) would hike the official cash rate (OCR) by 50 basis points to 2.00%. One economist expected a 25 basis point hike.

“A larger and earlier increase in the OCR reduces the risk of inflation becoming persistent, while also providing more policy flexibility ahead in light of the highly uncertain global economic environment,” the RBNZ said in a statement. (Reporting by Lucy Craymer; Editing by Sam Holmes)

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