42023Apr

Statement by Philip Lowe, Governor: Monetary Policy Decision – April 2023

At its meeting today, the Board decided to increase the cash rate unchanged at 3.60 per cent. It also increased the interest rate on Exchange Settlement balances unchanged at 3.50 per cent. This decision follows a cumulative increase in interest rates of 3½ percentage points since May last year. The Board recognises that monetary policy operates with a lag and…

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72023Mar

Statement by Philip Lowe, Governor: Monetary Policy Decision – March 2023

At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 3.60 per cent. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 3.50 per cent. Global inflation remains very high. In headline terms it is moderating, although services price inflation remains elevated in many economies. It will…

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