BNZ is the latest bank to raise interest rates.. It follows a move by the Reserve Bank on Wednesday to raise the Official Cash Rate by 25 basis points, from 0.25% to 0.50%.
The central bank cited strong economic growth, and inflation pushing towards 4% as the reason.
BNZ is increasing it variable rate and TotalMoney rate up 15 basis points from 4.55% to 4.70%.
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