Wednesday, Mar 07, 2007
New Zealand interest rates are on the rise.
New Zealand Herald: Interest rates on the rise
New Zealand Reserve Bank Governor Alan Bollard has today raised the official cash rate (OCR) 25 basis points to 7.5 per cent.
"Our concern is that the recent pick-up in housing and domestic demand may gain momentum, giving rise to a stronger cyclical upturn at a time when resources are already very stretched", Dr Bollard said.
Posted by ashwina @ 09:52 PM (164 views) Add Comment
1 Comment
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1. Pinetree said...
Interest rates continue to rise, the NZD is so high most exporters are at breaking point.....but spending and borrowing rolls on as house prices continue up at about 9%. Good old NZ, we're not the best at recovering from economic down-turns and the next one willl be a biggie.
The gov at the reserve bank (the Mervyn king of NZ)has finally realised that interest rates really are a crude way of trying to steer the economy, a bit like trying to drive an F1 car with the wheel from the HMS Endeavour, by the time she starts swinging around you've run aground and been eaten by the natives.