New Zealand increases official cash rate to 5.25 pct

STORY: New Zealand increases official cash rate to 5.25 pct DATELINE: April 6, 2023 LENGTH: 00:02:10 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1. various of banks and cash machines 2. various of supermarkets 3. various of street view and gas station STORYLINE: The Reserve Bank of New Zealand (RBNZ) on Wednesday increased its Official Cash Rate (OCR) by 50 basis points, from 4.75 percent to 5.25 percent, its highest level since late 2008. The central bank's Monetary Policy Committee agreed the OCR needs to increase, as previously indicated, to return inflation to the 1-3 percent target range over the medium term. "Inflation is still too high and persistent, and employment is beyond its maximum sustainable level," said a committee statement. The level of economic activity over the December quarter was lower than anticipated and there are emerging signs of capacity pressures in the economy easing, it said, adding demand continues to significantly outpace the economy's supply capacity, thereby mainta

New Zealand increases Official Cash Rate to highest level since 2008

STORY: New Zealand increases Official Cash Rate to highest level since 2008 DATELINE: Nov. 25, 2022 LENGTH: 00:01:56 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1. various of cash machines, medical workers and gas station 2. various of New Zealand's port area 3. various of supermarket 4. various of street view STORYLINE: New Zealand on Wednesday increased the Official Cash Rate (OCR) to its highest level since December 2008, with the rise of 75 basis points, also the biggest hike since 1999. The Monetary Policy Committee of the New Zealand Reserve Bank (RBNZ) increased the OCR from 3.5 percent to 4.25 percent to further curb the widespread inflation. The committee agreed that the OCR needs to reach a higher level, and sooner than previously indicated, to ensure inflation returns to within its target range over the medium term, according to an RBNZ statement. Core consumer price inflation is too high, which was at 7.2 percent currently; employment is beyond its maximum sustainable level; and near-te

New Zealand increases Official Cash Rate to highest level since 2008

STORY: New Zealand increases Official Cash Rate to highest level since 2008 DATELINE: Nov. 23, 2022 LENGTH: 00:01:40 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1. various of streets 2. various of banks 3. various of a supermarket 4. various of port STORYLINE: New Zealand on Wednesday increased the Official Cash Rate (OCR) to its highest level since December 2008, with a rise of 75 basis points, also the biggest hike since 1999. The Monetary Policy Committee of the New Zealand Reserve Bank (RBNZ) increased the OCR from 3.5 percent to 4.25 percent to further curb widespread inflation. The committee agreed that the OCR needs to reach a higher level, and sooner than previously indicated, to ensure inflation returns to within its target range over the medium term, according to an RBNZ statement. Core consumer price inflation is too high, which was at 7.2 percent currently; employment is beyond its maximum sustainable level; near-term inflation expectations have risen, it said. Global consumer price in

NEW ZEALAND-OFFICIAL CASH RATE-INCREASE

NEW ZEALAND-OFFICIAL CASH RATE-INCREASE

(221123) -- AUCKLAND, Nov. 23, 2022 (Xinhua) -- People walk past a bank in Auckland, New Zealand, Nov. 20, 2022. New Zealand on Wednesday increased the Official Cash Rate (OCR) to its highest level since December 2008, with the rise of 75 basis points, also the biggest hike since 1999. The Monetary Policy Committee of the New Zealand Reserve Bank (RBNZ) increased the OCR from 3.5 percent to 4.25 percent to further curb the widespread inflation. (Photo by Zhao Gang/Xinhua)

NEW ZEALAND-OFFICIAL CASH RATE-INCREASE

NEW ZEALAND-OFFICIAL CASH RATE-INCREASE

(221123) -- AUCKLAND, Nov. 23, 2022 (Xinhua) -- People use ATM machines in Auckland, New Zealand, Nov. 21, 2022. New Zealand on Wednesday increased the Official Cash Rate (OCR) to its highest level since December 2008, with the rise of 75 basis points, also the biggest hike since 1999. The Monetary Policy Committee of the New Zealand Reserve Bank (RBNZ) increased the OCR from 3.5 percent to 4.25 percent to further curb the widespread inflation. (Photo by Zhao Gang/Xinhua)

NEW ZEALAND-OFFICIAL CASH RATE-INCREASE

NEW ZEALAND-OFFICIAL CASH RATE-INCREASE

(221123) -- AUCKLAND, Nov. 23, 2022 (Xinhua) -- A woman walks past a shop in Auckland, New Zealand, Nov. 21, 2022. New Zealand on Wednesday increased the Official Cash Rate (OCR) to its highest level since December 2008, with the rise of 75 basis points, also the biggest hike since 1999. The Monetary Policy Committee of the New Zealand Reserve Bank (RBNZ) increased the OCR from 3.5 percent to 4.25 percent to further curb the widespread inflation. (Photo by Zhao Gang/Xinhua)

New Zealand hikes official cash rate to 3 pct

STORY: New Zealand hikes official cash rate to 3 pct DATELINE: Aug. 17, 2022 LENGTH: 00:01:56 LOCATION: Wellington CATEGORY: ECONOMY SHOTLIST: 1. various of streets 2. various of port 3. various of supermarket 4. various of people on streets STORYLINE: The Reserve Bank of New Zealand (RBNZ)'s Monetary Policy Committee raised the Official Cash Rate (OCR) to 3 percent from 2.5 percent on Wednesday. The Committee agreed it remains appropriate to continue to tighten monetary conditions at a pace to maintain price stability and contribute to maximum sustainable employment. Core consumer price inflation remains too high and labor resources remain scarce, said the central bank in a statement. The central bank uses the OCR to control inflation, encouraging people to either spend or save. The OCR is the interest rate the RBNZ pays on settlement accounts and is reviewed seven times a year. Global consumer price inflation has continued to rise, albeit with some recent reprieve from lower global oil prices, it sa