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The Reserve Bank of New Zealand – the central bank of New Zealand – announced today its decision to raise the official reference rates to 0.75%, in line with economists’ expectations.
“The Commission agreed that it remains appropriate to continue to reduce monetary stimuli, in order to maintain price stability and maximum sustainable employment. The Commission noted that further removal of monetary policy stimuli is expected over time, considering the medium-term outlook for inflation and employment “.
Following the decision, the New Zealand dollar fell as low as -0.7%, to $ 0.6901, against the US dollar.