The central bank has increased the official cash rate or interest rate of the New Zealand dollar by 0.50%. Although the expectation was to increase by 0.25%, the increase of 0.50% is quite surprising. Such a big decision has been taken due to high inflation and stagnant job market. And with the interest rate hike, the NZD is starting to strengthen and the huge gap in the NZD pair has closed. The current rate is 5.25% which has been increased to 5% post-Covid-19.
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