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New Zealand hikes interest rate to 1 pct

WELLINGTON
2022-02-23 11:55

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WELLINGTON, Feb. 23 (Xinhua) -- The Monetary Policy Committee of New Zealand Reserve Bank increased the Official Cash Rate (OCR) by 25 basis points to 1 percent on Wednesday.

The committee also agreed to commence the gradual reduction of the Reserve Bank's bond holdings under the Large Scale Asset Purchase (LSAP) program, through both bond maturities and managed sales.

The committee agreed that it remains appropriate to continue reducing monetary stimulus so as to maintain price stability and support maximum sustainable employment.
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