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Economy

New Zealand hikes rates for 2nd straight month as inflation looms

Central bank says more stimulus on horizon despite OCR rise to 0.75%

WELLINGTON (Reuters) -- New Zealand's central bank lifted interest rates for the second time in as many months on Wednesday, driven by rising inflationary pressures and as an easing of coronavirus restrictions supported economic activity.

The Reserve Bank of New Zealand (RBNZ) raised the official cash rate (OCR) by 25 basis points to 0.75% in the final policy meeting of the year, saying it was appropriate to continue reducing monetary stimulus to maintain price stability and support maximum sustainable employment.

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