New Zealand raises rates to tame inflation

The Reserve Bank of New Zealand’s (RBNZ) Monetary Policy Committee, led by governor Adrian Orr, lifted the official cash rate by a quarter percentage point to 0.5% yesterday in Wellington, as expected by most economists.

WELLINGTON: New Zealand’s central bank raised interest rates for the first time in seven years and signaled further increases will likely be needed to tame inflation.

The Reserve Bank of New Zealand’s (RBNZ) Monetary Policy Committee, led by governor Adrian Orr, lifted the official cash rate by a quarter percentage point to 0.5% yesterday in Wellington, as expected by most economists.