New Zealand's central bank raised its key interest rate by 50 basis points and signaled more tightening this year to curb the risk of inflation becoming persistent. The Monetary Policy Committee of the Reserve Bank of New Zealand decided to lift the Official Cash Rate to 2.00 percent from 1.50 percent. The decision came in line with economists' expectations.
This was the fifth consecutive rate hike, which took the current OCR to its highest level since 2016.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.