Interest Rate Move Unwelcome - Peters
Rt Hon Winston Peters has described the Reserve Bank’s move to lift interest rates today as unnecessary and unwelcome.
The bank increased the official cash rate this morning by quarter of a percent to 5.5 percent.
“The move will hurt exporters who have already taken a pounding because of the high value of the Kiwi dollar.
“Just as the dollar was easing, the Reserve Bank is nudging it up again because of pressure on the housing market in
certain parts of the country and the compulsion of New Zealanders to go shopping.
“The obsession with inflation is going to seriously hurt the economy in the months ahead,” said Mr Peters.