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MNI BRIEF: RBNZ Cites Inflation In 25bps Rate Rise

MNI (Sydney)
SYDNEY (MNI)

The Reserve Bank of New Zealand on Wednesday hiked the Official Cash Rate by 25 basis points to 0.50%, the first change since March 2020.

Citing inflation, which the bank said was expected to increase above 4% in the near term, the central bank was it was appropriate to reduce monetary stimulus "to maintain low inflation and support maximum sustainable employment," see: MNI STATE OF PLAY: COVID Complicates RBNZ Rate Hike Prospect.

The RBNZ target range for inflation is between 1% and 3%. The decision was expected in August, but was delayed due to a sudden outbreak of the Delta virus which prompted another economic lockdown, which is now being eased.

MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
Policy NewsHomepageRBNZAPACNew ZealandCentral Bank NewsBriefStoryRegion
MNI Sydney Bureau | +61-405-322-399 | lachlan.colquhoun.ext@marketnews.com
Policy NewsHomepageRBNZAPACNew ZealandCentral Bank NewsBriefStoryRegion

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