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New Zealand’s monetary policy to remain restrictive: Central bank

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New Zealand’s monetary policy to remain restrictive: Central bankNovember 29, 2023

Wellington, Nov 29 (IANS) The Reserve Bank of New Zealand’s Monetary Policy Committee agreed on Wednesday to maintain the official cash rate (OCR) at a restrictive level of 5.5 percent that it has been since May.

The Monetary Policy Committee agreed that interest rates will need to remain at a restrictive level for a sustained period of time so that consumer price inflation returns to target and supports maximum sustainable employment, reports Xinhua news agency.

“Interest rates are restricting spending in the economy and consumer price inflation is declining, as is necessary to meet the committee’s remit. However, inflation remains too high, and the committee remains wary of ongoing inflationary pressures,” the committee said in a statement.

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