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.
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by Renju Jaya
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