New Zealand Raises Benchmark Rate for Second Month @ Forex Factory

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New Zealand Raises Benchmark Rate for Second Month

New Zealand’s central bank raised its benchmark interest rate for a second month to control inflation, and said that the pace of future increases is likely to be slower than it previously indicated. “Further removal of monetary policy stimulus is appropriate,” central bank Governor Alan Bollard said in a statement released in Wellington today after boosting the official cash rate by a quarter percentage point to 3 percent. “The pace and extent of further cash rate increases is likely to be more moderate than was projected in the June statement.” New Zealand is joining nations from South Korea to India to Malaysia in removing monetary stimulus as Asia-Pacific economies recover from the... Full Story

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Submitted Jul 28, 2010 5:53pm

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Jul 28, 2010 7:30pm

BuyGold

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I can't wait to see what all the other central banks do once inflation gets out of control in the next year. Alot of the poorer countries are already experiencing 10% inflation.