Rate Tightening Halt Expected In Dec

Tuesday 12 October 2004

New Zealand's central bank is expected to call a halt to its monetary tightening after one more quarter point rise at the end of the month, according to a Reuters poll.

By The Landlord

The Reserve Bank of NZ has raised its cash rate five times this year by a total of 1.25 percentage points to 6.25 percent, the highest in the developed world, to try to calm strong domestic demand and inflation.

A poll by Reuters of 14 forecasters shows a unanimous view the bank will raise its benchmark rate to 6.5 percent at the next review on October 28.

The risk of no change at the review has fallen to 13 percent from 25 percent in the previous poll taken in late September.

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