NZ central bank holds rates steady, says past hikes tempering inflation
© Reuters. FILE PHOTO: Pedestrians walk past the Reserve Bank of Australia building in central Sydney, Australia, February 10, 2017. REUTERS/Steven Saphore/File PhotoWELLINGTON - New Zealand's central bank held the cash rate steady at 5.5% on Wednesday, as policymakers reiterated that past tightening had helped constrain spending and temper inflation as required.
The RBNZ said the monetary committee agreed that interest rates will need to remain at a restrictive level for the foreseeable future to ensure consumer price inflation returns to its 1% to 3% target range. A front-runner in withdrawing pandemic-era stimulus among its peers, the RBNZ has lifted rates by 525 basis points in its fight against inflation since October 2021 in the most aggressive tightening since the official cash rate was introduced in 1999.
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