WELLINGTON, July 24 (Xinhua): The Reserve Bank of New Zealand on Thursday raised its Official Cash Rate (OCR) by 25 basis points to 3.5 percent, saying it was important to contain inflation expectations despite signs that the pace of economic growth might be slowing.
Reserve Bank governor Graeme Wheeler also warned that the New Zealand dollar was unsustainably overvalued and signalled that the OCR -- after four consecutive rises of 25 basis points this year -- might be held in the near future.
Wheeler said the economy was expected to grow at an annual pace of 3.7 percent over 2014, with global financial conditions remaining "very accommodative" with low interest rates, narrow risk spreads and low financial market volatility.
NZ raises interest rate
FE Team | Published: July 25, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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