New Zealand Raises Benchmark Rate for Second Month
This article is for subscribers only.
New Zealand’s central bank raised interest rates for a second straight month and signaled it plans to slow the pace of future increases, sending the nation’s currency to its lowest level in a week.
“Further removal of monetary policy stimulus is appropriate,” central bank Governor Alan Bollard said in a statement in Wellington today after boosting the official cash rate by a quarter percentage point to 3 percent. “The pace and extent of further cash rate increases is likely to be more moderate than was projected in the June statement.”