The Reserve Bank of New Zealand raised its benchmark interest rate for the first time in more than three years to bring inflation to target and hinted at further tightening.
The Monetary Policy Committee, governed by Anna Breman, decided to lift the Official Cash Rate by 25 basis points to 2.50 percent. This was the first hike since May 2023.
The bank has lowered its benchmark rate by 325 basis points since August 2024, bringing it to the lowest since mid-2022.
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