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NZ: OCR increased to 2.50% to return inflation to 2%
The Monetary Policy Committee today reached consensus to increase the OCR by 25 basis points to 2.50 percent. Following the partial reopening of the Strait of Hormuz, global oil prices have fallen markedly. Other petrochemical prices have also moved lower. As a result, near-term inflation pressures have eased. Although energy prices have decreased, the effects of the shock will linger for some time and the outlook for medium-term inflation pressures remains uncertain. The stance of monetary policy is calibrated to bring inflation back to target without causing unnecessary economic instability. Global growth has been ... (full story)
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The Monetary Policy Committee today agreed to raise the Official Cash Rate by 25 basis points to 2.50%.
— Reserve Bank of NZ (@ReserveBankofNZ) July 8, 2026
• Ongoing effects from the Middle East conflict will keep inflation elevated in the near term.
• A drop in global oil prices has lowered costs and is supporting economic… pic.twitter.com/K2wp59XwE3
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Just in | RBNZ Minutes Confirm Continued Accommodative Stance on Current OCR Level
— Markets Capital (@MarketsCapApp) July 8, 2026
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Revocation and Wind Down of June 21, 2026 Authorization for the Production, Delivery and Sale of Crude Oil Products of Iranian Origin Effective July 7, 2026, General License X, dated June 21, 2026, is revoked and superseded in its entirety by General License X1. Except as provided in paragraph, all transactions prohibited by the above-listed authorities that are ordinarily incident and necessary to the wind down of transactions previously authorized by General License X are authorized through 12:01 a.m. eastern daylight time, July 17, 2026, provided that any payment to a blocked person must be made into a blocked, interest-bearing account located in the United States. Note to paragraph (b). Except to the extent ordinarily incident and necessary to the wind down of transactions previously authorized by General License X for the production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin, paragraph (b) does not authorize any new transactions, including purchases or loading of such products on or after July 7, 2026.
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