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Wayne Cole
SYDNEY (Reuters) – The Reserve Bank of New Zealand on Wednesday scrapped a rise in interest rates to a seven-year high and pledged to raise interest rates as it tries to cool red-hot inflation in an overstretched economy. face more pain.
The Reserve Bank of New Zealand (RBNZ) Policy Committee has raised its official cash rate basis points to 3.5%, This is the fifth such a big move and the eighth rate hike months.
The committee even discussed whether to hike basis points, but decided to move half a point given the huge price pressure in the economy.
