New Zealand's central bank raised interest rates by 50 basis points to a more than 14-year high of 4.75% on Wednesday, and said it expects to keep tightening further as inflation remains too high, a hawkish signal that sent the local dollar surging.
The latest policy statement from the RBNZ, which was among the first global central banks to withdraw pandemic-era stimulus, suggests the bank is in less of a hurry than many of its peers in shifting to smaller rate increases after a sweeping series of rapid-fire moves.The New Zealand dollar rose as high as $0.6246 after the decision, reflecting the hawkish tone of the statement, having traded as low as $0.6206 earlier. It was last fetching $0.6238.
"But the impacts of weather disasters will only make the RBNZ’s job of curbing inflation more challenging," he said. "The business cycle is such that inflation pressures are very strong and inflation is too high. So the direction of our official cash rate was straightforward," Orr added.Flash floods hit New Zealand's largest city of Auckland in late January and two weeks later Cyclone Gabrielle caused havoc across much of the North Islands. The two events left 15 people dead and have caused billions of dollars of damage.
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