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Panic Move By Reserve Bank Says Peters

Panic Move By Reserve Bank Says Peters

Rt Hon Winston Peters says the Reserve Bank governor is panicking needlessly over inflation by raising interest rates.

This follows the announcement this morning that the Reserve Bank has decided to increase the Official Cash Rate from 5.5 to 5.75 percent.

“New Zealand already had the highest interest rates in the developed world and the latest hike will simply make life harder for people with mortgages and thousands of businesses.

“The governor’s warning that interest rates will rise further in the year ahead signals another increase in the exchange rate and more problems for our international trade.

“We appear to be heading back to the bad old days when Don Brash was governor, strangling the life blood out of the economy,” said Mr Peters.

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