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The Independent UK
The Independent UK
National
Nick Perry

New Zealand's central bank hikes key interest rate to 5.25%

New Zealand the Reserve Bank of New Zealand
Copyright 2019 The Associated Press. All rights reserved.

New Zealand's central bank surprised economists on Wednesday by imposing an aggressive half-point rate rise to bring its benchmark interest rate to 5.25%.

It was the Reserve Bank of New Zealand's 11th straight rate hike as it tries to cool inflation, which is running at 7.2%, far above the bank's target level of around 2%.

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