The Reserve Bank of New Zealand (RBNZ) has made its 11th consecutive official cash rate (OCR) hike, up another 50 basis points to 5.25 percent. This was above the market expectations of a 25 basis point hike and ease its pace of tightening. The Monetary Policy Committee noted that the recent data, including a fall…
Reserve Bank of New Zealand Makes Aggressive Cash Rate Hike to 5.25 Percent
April 5, 2023
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New Zealand Raises Interest Rate to 4.75 Percent, Eating Into Housing Affordability
February 22, 2023
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New Zealand’s central bank has raised the official cash rate (OCR) by another 50 basis points to 4.75 percent after Cyclone Gabrielle destroyed the livelihood of many Kiwis. “It is too early to accurately assess the monetary policy implications of these weather events, given that the scale of destruction and economic disruption are only now…
Head of New Zealand Reserve Bank Concedes It Is Engineering a Recession
November 24, 2022
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Adrian Orr, governor of the Reserve Bank of New Zealand (RBNZ), admitted the bank was engineering a recession to lower inflation. The remark comes a day after the central bank raised the official cash rate (OCR) by a record 75 basis points to 4.25 percent. In its monetary policy statement (pdf), the RBNZ revealed the economy…
New Zealand Annual Inflation Eases to 7.2 Percent, Economists Warn of Higher Interest Rate Hikes
October 18, 2022
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New Zealand’s quarterly inflation rose to 2.2 percent in the three months to September, while the annual inflation rate edged down to 7.2 percent, according to Stats NZ. This follows a 1.7 percent quarterly inflation and 7.3 percent annual inflation over the 12 months to June—a 32-year high. Inflation during the quarter was mainly driven…
New Zealand Raises Official Cash Rate by 0.5 Percent to 3.5 Percent, Considered 0.75 Percent Hike
October 5, 2022
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The Reserve Bank of New Zealand (RBNZ) made its fifth consecutive 50 basis point hike, raising the cash rate from to 3.5 percent. The monetary policy committee had considered raising the official cash rate (OCR) by 75 basis points to combat 32-year high inflation of 7.3 percent, before ultimately agreeing that a 50 basis point…
New Zealand Cash Rate Raised to 3 Percent as Inflation Continues to Climb
August 17, 2022
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The Reserve Bank of New Zealand (RBNZ) has raised the cash rate by 50 basis points to three percent and warned of risks associated with continued high levels of government spending. After inflation hit a 32-year high of 7.3 percent, the central bank made its fourth consecutive 50 points hike of the year, bringing the…
New Zealand Reserve Bank Concedes Role in Country’s Skyrocketing Inflation
July 27, 2022
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The governor of New Zealand’s central bank admitted to the institution’s role in contributing to the country’s high inflation rate. As the Reserve Bank of New Zealand (RBNZ) undertakes the first ever review of its monetary policy remit, governor Adrian Orr acknowledged a research paper on how the institution’s mistakes after 2019 led to inflation….
New Zealand Inflation Hits 7.3 Percent, Highest in 32 Years
July 18, 2022
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New Zealand’s (NZ) annual inflation accelerated to 7.3 percent in June, reaching a new 32-year high and surpassing market expectations. According to Stats NZ, the increase was led by housing costs, with an 18 percent jump in construction prices and a 4.3 percent increase in rentals for housing. “Supply chain issues, labour costs, and higher…
New Zealand Reserve Bank Raises Cash Rate to 2.5 Percent, ‘Broadly Comfortable’ With Hike Rate
July 13, 2022
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The Reserve Bank of New Zealand (RBNZ) made its sixth consecutive cash rate hike in July, moving the rate up another 50 basis points to 2.5 percent. The move was widely expected by most analysts as the central bank continues to combat spiralling inflation, which was last reported in February at 6.9 percent. The monetary…
New Zealand Increases Official Cash Rate to Rein in Inflation
May 25, 2022
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The New Zealand Reserve Bank has hiked interest rates by half a percentage point to two percent as it battles to contain inflation, which is currently at a 30-year high of 6.9 percent. It is the second consecutive 50 basis points (bp) increase to two percent, with the Reserve Bank of New Zealand (RBNZ) indicating…
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