The RBNZ Raises Interest Rate to 3.0
29 July 2010
The Reserve Bank of New Zealand today hiked its Official Cash Rate by 25 basis points to 3.00 percent. RBNZ Governor Alan Bollard said in a statement accompanying the announcement that while "the outlook for economic growth has softened somewhat, it is still appropriate to continue to reduce the extraordinary level of support implemented during the 2008/2009 recession." The OCR increase was widely anticipated by economists. The next meeting is due Thursday 16 September 2010.