The Fed of New Zealand left its benchmark interest rate unchanged at 0.25%. The Fed of New Zealand said monetary stimulus continued. Will wait patiently for the arrival of CPI and employment goals. The official cash rate (OCR) is expected to rise in the second quarter of 2022.
The Fed of New Zealand said it expected the official cash rate to be 0.49 per cent in September 2022. The official cash rate (OCR) is expected to be 1.78 per cent in June 2024. GDP contracted 0.6 per cent in the first quarter of 2021. New Zealand's economic activity has returned to levels close to those seen before 2019.
After the interest rate decision, the New Zealand dollar rose more than 30 points against the US dollar in the short term and more than 0.5 per cent on the day.