Financial News: New Zealand Rate Decision On Tap For Wednesday

New Zealand Rate Decision On Tap For Wednesday

05/23/2023 - 18:00:00 (RTTNews)

(RTTNews) - The Reserve Bank of New Zealand will wrap up its monetary policy meeting on Wednesday and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity.

The RBNZ is expected to hike its Official Cash Rate by 25 basis points, from 5.25 percent to 5.50 percent.

New Zealand also will see Q1 results for retail sales, with forecasts suggesting an increase of 0.2 percent on quarter following the 0.6 percent contraction in the previous three months. Sales are also expected to rise 3.6 percent on year after sinking 4.0 percent in the three months prior.

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