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New Zealand central bank hikes interest rate to 0.50%

Rising inflation prompts first raise in 7 years as RBNZ expects stimulus to ease

The move by the Reserve Bank of New Zealand was expected to cool the country's overheated economy.   © Reuters

WELLINGTON (Reuters) -- New Zealand's central bank on Wednesday hiked interest rates for the first time in seven years and signaled further tightening to come, as it looks to cool its domestic economy and a red-hot housing market.

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