New Zealand's central bank raised its benchmark rate by a half percentage point on Wednesday, following a 75 basis-point hike in November, as policymakers assessed that the upside risks to inflation has moderated since the last meeting.
The Monetary Policy Committee of the Reserve Bank of New Zealand lifted the Official Cash Rate to 4.75 percent from 4.25 percent.
Previously, the bank had hiked the OCR by 75 basis points in November, which was the ninth consecutive hike. The interest rate was lifted by 450 basis points since October 2021.
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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.