December 10, 2023

Shock move: Reserve Bank hikes OCR by more than expected to highest level since ’08

Watch: Economist Cameron Bagrie warns of more official cash rate hikes.

The Reserve Bank (RBNZ) has raised interest rates by another 50 basis points to highs not seen since the 2008 global financial crisis.

It’s set the official cash rate at 5.25 percent, with the central bank’s aggressive policy tightening continuing to try and tame sky-high inflation.

The decision was against predictions by the market and most analysts, who had largely agreed on a 25bp hike.

More to come.

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