https://www.rnz.co.nz/assets/news_crops/117875/eight_col_200605_ASB-CHCH_01.jpg?1613948204 Better than expected economic conditions could see a hike in interest rates brought forward by 12 months. Photo: RNZ / Nate McKinnon The ASB bank is forecasting the Reserve Bank (RBNZ) will start lifting the official cash rate from its current level of 0.25 percent as early as August next year, to 1.25 percent in 2024. The RBNZ has its first monetary policy meeting this Wednesday when it’s expected to keep the cash rate steady. Its chief economist Nick Tuffley said the Reserve Bank won’t increase rates until New Zealand opens its borders again. “At the moment we’ve got a fair chunk of the economy performing fairly well, but we have to remember the ongoing closure of the border is hurting our tourism sector and particular regions like Queenstown. “It’s also impacting the revenue we used to make from international students coming here to study. So really, until the ...
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