New Zealand's central bank raised interest rates by 50 basis points to a more than 14-year high of 4.75% on Wednesday, and said it expects to keep tightening further as inflation remains too high, a hawkish signal that sent the local dollar surging.
The New Zealand dollar rose as high as $0.6246 after the decision, reflecting the hawkish tone of the statement, having traded as low as $0.6206 earlier.
"But the impacts of weather disasters will only make the RBNZ’s job of curbing inflation more challenging," he said.. While the rebuild will boost the economy and inflation - already an issue for the central bank - growth is set to slow in the short term as damage to crops and infrastructure hurt food exports and makes movement around the North Island challenging.
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