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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