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New Zealand’s central bank hikes rates for third consecutive time -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A security guard is seen at the entrance of the Reserve Bank of New Zealand in central Wellington (New Zealand), July 3, 2017. REUTERS/David Gray

WELLINGTON, (Reuters) – The Reserve Bank of New Zealand increased interest rates 25 basis points to 1.0% Wednesday. This is its third consecutive hike. It did this to combat rising inflation and a booming housing market.

Only one economist out of 20 polled by Reuters expected RBNZ rate hikes by 25 basis point. Only one economist reported a decline and predicted a 50-basis point increase.

It also announced that the large-scale asset purchase (LSAP), programme will allow the bank to gradually reduce its bond holdings through bond maturities as well managed sales.

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