. The Reserve Bank of New Zealand decided to keep its monetary policy and interest rates unchanged at 5.50%, as expected at the bank meeting that took place this morning, Wednesday, July 12th, for the first time in nearly two years of tightening monetary policy, which witnessed 12 consecutive increases in interest rates, to stabilize interest levels at their highest levels. At 14 years old.
And the interest statement stated that inflation is expected to continue to decline and may reach the target of Al-Nabdak by mid-2024, but interest rates have begun to restrict spending, and therefore the committee expects interest rates to remain at these levels for some time, as the tightening in New Zealand of 525 basis points caused Two years ago, and it is the most stringent since 1999 to halt economic growth.
The Committee discussed the local economic developments, as the recent data indicates that the tightening monetary conditions restrict domestic spending, and that the residential activity has begun to slow down and the economic activity contracted in the first quarter of this year, and growth is expected to remain weak in the near term.
01/11/2024
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