New Zealand's central bank raises cash rate by 25 bps to 5.5%, now at forecast peak
The central bank is still forecasting a technical recession and is projecting negative growth in both the second and third quarters of 2023.
The RBNZ continues to expect the official cash rate to peak at its current level of 5.5per cent and remain there until the middle of the year, according to the monetary policy statement (MPS) accompanying the rate decision. (Image credit: Reuters)