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New Zealand Shocks With Big Rate Rise as Some Central Banks Pause
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SYDNEY—New Zealand’s central bank announced a further sharp rise in interest rates despite recent indications that activity in the agriculture-rich economy is slowing and could be on the cusp of a recession.
The official cash rate was raised to 5.25%, from 4.75%, the Reserve Bank of New Zealand said after its policy meeting on Wednesday. Economists had expected a smaller increase to 5.00%.
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