New Zealand's central bank held the cash rate steady at 5.5% on Wednesday, hitting pause as expected and flagging rates would be on hold for some time, with most economists still expecting rate cuts to come in 2024.
, the RBNZ said the official cash rate had constrained spending as anticipated but would need to stay high, as inflation is expected to fall into its target range only by the second half of next year.
A front-runner in withdrawing pandemic-era stimulus among its peers, the RBNZ has battled to curb inflation, lifting rates by 525 basis points over 20 months in the most aggressive tightening since the official cash rate was introduced in 1999.
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