(MENAFN) The central bank of New Zealand announced a second interest rate increase in six week, raising inflationary pressure on home owners, Xinhua reported.
Middle class home owner are expected to be significantly hit by the decision of the Reserve Bank of New Zealand to increase the official cash rate (OCR) by another 25 basis points, bringing it 3 percent.
Finance spokesperson for the main opposition Labor Party said: "New Zealand interest rates are among the highest in the world, putting more and more pressure on our exchange rate to the detriment of exports."
The increase in New Zealand's interest rate came three years after the Reserve Bank maintained the OCR at the historic low of 2.5 percent.
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