The Central Bank of New Zealand Raises Interest Rates by 25 Basic Points to 5.5%
The Central Bank of New Zealand has raised interest rates by 25 basis points to 5.5%, signaling that it is taking measures to combat inflation.
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The bank has also downplayed concerns over fiscal spending that could boost demand, stating that the repair and rebuilding of key areas affected by recent extreme weather events will support economic activity, particularly in the construction sector, over a period of several years.
The RBNZ's forecasts suggest that the official cash rate (OCR) may not need to be adjusted higher and that cuts are likely to begin in the third quarter of 2024. Furthermore, the bank now expects a mild recession in the second and third quarters of this year, rather than a severe one.
Following the rate hike decision, the New Zealand dollar fell 0.75 US cents to $0.6175. The RBNZ Governor, Adrian Orr, will hold a press conference to discuss the decision further.
Most economists expect the central bank to continue with its tightening bias and leave open the possibility of further rate hikes if needed. The RBNZ is confident that by maintaining the OCR at a level sufficient to limit inflation in the near future, inflation will slow down and return to its target in the third quarter of next year.
The Central Bank of New Zealand Raises Interest Rates by 25 Basic Points to 5.5%
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