New Zealand Reserve Bank Raises Cash Rate to 2.5 Percent, ‘Broadly Comfortable’ With Hike Rate

Reserve Bank Governor Adrian Orr speaks during a press conference at the Reserve Bank of New Zealand in Wellington, New Zealand, on March 16, 2020. Hagen Hopkins/Getty Images

The Reserve Bank of New Zealand (RBNZ) made its sixth consecutive cash rate hike in July, moving the rate up another 50 basis points to 2.5 percent.

The move was widely expected by most analysts as the central bank continues to combat spiralling inflation, which was last reported in February at 6.9 percent.