ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter

New Zealand's central bank raises interest rates by 0.5% to 3.0%

RBNZ aims for price stability and sustainable employment

The Reserve Bank of New Zealand on Aug. 17 decided on its seventh rate hike in a row.   © Reuters

WELLINGTON (Reuters) -- New Zealand's central bank raised interest rates by 50 basis points (0.5%) to 3.0% on Wednesday, its seventh rate hike in a row in an effort to get on top of inflation.

All 23 economists in a Reuters poll had forecast the Reserve Bank of New Zealand (RBNZ) would hike the official cash rate (OCR) by 50 basis points to 3.0%.

"The Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability and contribute to maximum sustainable employment," the RBNZ said in a statement.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more