News

Bollard raises rates but tones down the rhetoric

Thursday 8th of March 2007
Bollard raised his official cash rate (OCR) from 7.25% to 7.5%, blaming the recent pick-up in economic activity and the acceleration in the housing market. He also a complained about "continuing rapid expansion of mortgage credit at very low margins, and strong growth in household incomes."

Seeming in a perverse reaction, the New Zealand dollar fell about 0.4 US cents and wholesale interest...

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