RBNZ raise OCR to 3%

No surprises this morning as Alan Bollard (Governor of the RBNZ) announced a further hike in the official cash rate by 25 basis points to 3%. According to Bollard the NZ economy is growing enough so there needs to be a tightening of monetary policy from the record low interest rates over the last couple of years. From his statement – “While the outlook for economic growth has softened somewhat, it is still appropriate to continue to reduce the extraordinary level of support implemented during the 2008/09 recession,” Click here for full statement.

Leave a Reply

Your email address will not be published. Required fields are marked *