RBNZ Hikes Official Cash Rate Amid Ongoing Economic Recovery

The Reserve Bank of New Zealand has increased the official cash rate by a quarter percentage point to 2.75 percent.

This move was expected, with the central bank stating it needs to reduce economic stimulus to address high inflation.

The RBNZ says an economic recovery is underway and interest rates are still supporting that growth.

The central bank has signalled further rate rises can be anticipated depending on the pace of economic growth and global events.