The Reserve Bank (RBNZ) has increased the Official Cash Rate (OCR) to 2.0% from 1.5% - making this the second month in a row it has hiked interest rates with a 'double shot' 50 basis points jump. This is the statement from the Reserve Bank:The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 2.0 percent. Asset prices, in particular house prices, have also declined, reflecting in part higher mortgage interest rates and increased supply of housing. Summary of Monetary Policy Committee meeting:The Monetary Policy Committee discussed developments affecting the outlook for inflation and employment in New Zealand. It was noted that rising global interest rates have narrowed interest rate differentials with New Zealand, adding to downward pressure on the New Zealand dollar exchange rate.

Source: New Zealand Herald May 25, 2022 05:02 UTC