The New Zealand Central Bank kept interest rates unchanged at 5.5% for the seventh meeting in a row.
The Central Bank said that it is certain that it will keep interest rates high for a longer period than previously expected.
It is noteworthy that the New Zealand economy is in a state of recession and has contracted for four out of five quarters, which has led to widespread expectations that the Central Bank may begin reducing interest rates in the second half of the year, but inflation remaining at 4.7% is delaying this decision.
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