Reserve Bank of New Zealand raises interest rates by 0.5%

The Reserve Bank of New Zealand raised interest rates by  0.5 percent, or 50 basis points, to 1.50 percent on yesterday. It is the fourth hike in a row as the central bank seeks to tame sharply rising inflation. The central bank in a statement said the hike, which was its biggest increase in more than 20 years, was intended to take the cash rate to a more neutral stance and reduce the risk of rising inflation expectations.

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