(MENAFN) New Zealand's central bank raised interest rates for the third time this year, adding 25 basis points, bringing the official cash rate (OCR) to 3.25 percent, Xinhua reported.
GDP was estimated to grow 4 percent in the year to the end of June and economic growth among the country's trading partners was gradually improving, According to the Governor of New Zealand Reserve Bank.
"Fiscal consolidation continues to moderate demand growth, though by less than previously assumed. The exchange rate has not yet adjusted to weakening commodity prices, but is expected to do so," he added.
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