The Reserve Bank of New Zealand raised its benchmark rate by a quarter-point and signaled that the rate will remain restrictive for the foreseeable future.
The Monetary Policy Committee, led by RBNZ Governor Adrian Orr, decided to lift the Official Cash Rate by 25 basis points to 5.50 percent, its highest since December 2008. This was the twelfth straight hike.
The central bank has now raised the OCR by a cumulative 525 basis points since October 2021.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.