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Economy

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.

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