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New Zealand Central Bank Maintains Cash Rate at 5.5%

Jul. 9, 2024  23:39

AsianFin--New Zealand's central bank maintained the cash rate steady at 5.5% on Wednesday, but opened the door to monetary policy becoming less restrictive over time should inflation slow as expected.

The decision aligns with the expectations of all economists polled by Reuters, but the Reserve Bank of New Zealand's accompanying commentary was more dovish than many had anticipated.

"The Committee agreed that monetary policy will need to remain restrictive. The extent of this restraint will be tempered over time consistent with the expected decline in inflation pressures," the statement said.

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