New Zealand Hikes Interest Rate For Second Straight Time

India, Sept. 2 -- The Reserve Bank of New Zealand delivered back-to-back rate hikes to contain inflation and also signaled additional tightening ahead.

The Monetary Policy Committee, governed by Anna Breman, decided to raise the Official Cash Rate by 25 basis points to 2.75 percent.

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The bank had lifted the rate by a quarter-point in July, which was the first hike since May 2023.

"The Committee judges that gradually removing monetary stimulus is appropriate to return inflation to the 2 percent target mid-point while supporting growth and employment," the bank said in a statement.

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Published by HT ...