Economic Buzz: New Zealand's central bank keeps key rate unchanged

New Zealand's central bank decided to leave its benchmark interest rate unchanged on Wednesday, defying hike expectations.

The Reserve Bank of New Zealand (RBNZ) kept the Official Cash Rate (OCR) at 2.75% in a 4-3 vote after raising it by 25 basis points at its previous meeting.

The three dissenting members voted to hike the rate to 3%, the monetary policy statement said. All members agreed that tighter monetary policy is likely to be required, but remains conditional on the economic outlook, it added.

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