New Zealand: RBNZ hiked rates by 50 bps – UOB – by pabspiovano RBNZ InterestRate CentralBanks Banks NewZealand
“The Reserve Bank of New Zealand decided to raise its official cash rate by 50bps to 4.75% at its first meeting of the year. Today’s hike follows the 75bps hike at its final meeting of 2022, which was the largest increase since the New Zealand central bank introduced the OCR in 1999. Once again, the RBNZ signaled that the OCR still needs to increase, to ensure inflation returns to within its target range over the medium term.
“At this juncture, we are keeping to our forecast of three more 25bps rate hikes at its 5 Apr, 24 May and 12 Jul monetary policy meetings. This should bring the OCR to a peak of 5.50% by 3Q23.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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