New Zealand Reserve Bank Raises Interest Rates Again
Alan Bolard and the Reserve Bank of New Zealand have increased the official cash rate 25 basis points to 7.25 percent.
As if this wasn’t enough to wish exporters and mortgage holders in New Zealand a “Hairy Christmas”, Mr Bolard indicated a further rise may be on the cards.
The housing market in New Zealand which has as much as 80% of all mortgages on a fixed basis, has therefore had little reaction to the recent rises in interest rates.
The impact for most will be when a slowing property market, combines with people having to re-negotiate mortgages at the end of fixed periods.
It’s a tough break for exporters in New Zealand who have only seen the Kiwi dollar rise higher and higher.
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