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MNI BRIEF: RBNZ Sees Rates At 2.2% by December

MNI (Sydney)

The Reserve Bank of New Zealand is forecasting its Official Cash Rate will reach 2.2% by December and hit 3% in September 2023, according to updated projections in Wednesday's Monetary Policy Statement.

The new OCR track has four more interest rate hikes this year, and shows rates rising to 3.4% by September 2024.

The RBNZ on Wednesday increased rates by 25bps to 1.0% as expected, see: MNI BRIEF: RBNZ Hikes OCR By 25bps, To Start QT. The RBNZ also plans "managed sales" of bond holdings acquired as part of its NZD50 billion program of Quantitative Easing implemented during the Covid-19 pandemic.

MNI Sydney Bureau | +61-405-322-399 |
MNI Sydney Bureau | +61-405-322-399 |

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