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Dow Jones Newswires: New Zealand central bank accelerates monetary tightening with rate hike

WELLINGTON, New Zealand — New Zealand’s central bank raised its benchmark interest rate by 50 basis points, accelerating the withdrawal of pandemic-era monetary stimulus after inflation surged to a multidecade high.

It was the fourth consecutive rate increase from the Reserve Bank of New Zealand after 25-basis-point increments at each of its October, November and February meetings. The increase on Wednesday lifted the cash rate to 1.5% from 1.0%.

“Moving…

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