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- New Zealand central bank holds rates at 0.25%, maintains QE
New Zealand central bank holds rates at 0.25%, maintains QE
Reuters reports that New Zealand's central bank held interest rates, but hinted at a hike as early as September next year.
The hawkish stance contrasts with persistently dovish comments from the U.S. Federal Reserve and the neighbouring Reserve Bank of Australia, which has said there would be no rate rises until 2024 at the earliest.
The Reserve Bank of New Zealand (RBNZ) held rates at a record low 0.25%, but said it sees at least one 25 basis point rate hike by September 2022.
It projected the official cash rate (OCR) would reach 1.5% by the end of 2023 and 1.78% by the end of 2024, underscoring expectations that recent positive data will lead policymakers to tighten rates sooner rather than later.
RBNZ Governor Adrian Orr emphasised that more patience was needed on policy and that OCR projections were "highly conditional" to the economy panning out as expected.
"We are talking about the second half of next year. Who knows where we will be by then," he told a press conference following the decision.
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