WELLINGTON, April 5 (Reuters) - New Zealand's central
bank raised interest rates by 50 basis points to a more than
14-year high of 5.25% on Wednesday and reiterated inflation was
still too high and persistent.
The decision surprised markets as 22 of 24 economists in a
Reuters poll had forecast the Reserve Bank of New Zealand (RBNZ)
would raise rates by just 25 basis points. This is the eleventh
straight hike since the central bank started raising rates in
October 2021.
"The Committee agreed the OCR needs to increase, as
previously indicated, to return inflation to the 1-3 percent
target range over the medium term," the statement said.
(Reporting by Lucy Craymer; Editing by Jacqueline Wong)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.