Worst rate hike in 22 years in New Zealand


The Reserve Bank of New Zealand made an aggressive interest rate move against high inflation.

The bank increased the policy rate by 50 basis points to 1.50 percent. Thus, the bank’s decision to increase interest rates was the hardest in the last 22 years.

The decision came as a surprise to economists as well. Economists surveyed by Bloomberg had expected a 25 basis point rate hike from the bank.

Against the rising inflation in the country, the central bank entered an aggressive rate hike cycle. Since October, the policy rate in the country has been increased by 125 basis points.

Inflation in New Zealand had reached the highest level in 32 years.

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