RBNZ continues to hold policy rate
MPC suggests the rate will stay put for some time
The Reserve Bank of New Zealand (RBNZ) kept its policy rate unchanged at 5.5% on October 4. The monetary policy committee last increased the official cash rate in May.
The MPC held out little hope for cuts in the near term. In a statement, policy-makers said they had concluded “that interest rates may need to remain at a restrictive level for a more sustained period of time”.
The official statistics agency recorded 6% inflation year on year at the end of the second quarter of 2023. This is a
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