This is the statement from the Reserve Bank:The Monetary Policy Committee today voted to raise the Official Cash Rate (OCR) from 5.25% to 5.50%. This follows a period of significant monetary policy tightening by central banks internationally. Summary of Monetary Policy Committee meeting:The Committee discussed recent developments in the New Zealand economy. The Committee discussed the reaction to the April monetary policy review decision. The Committee discussed the suitability of keeping the OCR on hold at 5.25% or increasing it to 5.50%.

Source: New Zealand Herald May 24, 2023 02:48 UTC