New Zealand Raises Interest Rates Amid Inflation Crisis

New Zealand’s Central Bank has raised interest rates by 0.5 of a percentage point to 2 percent.

This was announced in a statement issued by the Reserve Bank of New Zealand, RBNZ, on Wednesday.

According to the statement, the New Zealand dollar hit a three-week high of $0.65.

It added that the increase took the cash rate to its highest since November 2016.