RBNZ holds rates as economy enters recession
Policy-makers keep policy restrictive to tame inflation despite economic downturn
The Reserve Bank of New Zealand (RBNZ) left its policy rate unchanged for the sixth straight meeting today (April 10), despite the economy entering recession.
The RBNZ’s seven-member monetary policy committee kept the official cash rate at 5.5%, the highest level since December 2008.
“A restrictive monetary policy stance remains necessary to further reduce capacity pressures and inflation,” the central bank said in a statement. It noted that current consumer price inflation remains above its 1–3%
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