AMP Sees RBNZ Commencing Rate Hike In March

(RTTNews) - New Zealand’s central bank may need to raise its official cash rate in March to curb rising inflationary pressure, the nation’s biggest fund manager said Tuesday.

“The odds are building for an earlier tightening than the Reserve Bank of New Zealand is currently signaling,” Jason Wong, head of investment strategy at AMP Capital Investors said.

Since April 2009, the central bank has been maintaining its official cash rate at a record low of 2.5%. Reserve Bank Governor Alan Bollard said in September that he expects to keep the official cash rate at its current level until the latter part of 2010.

The firm expects New Zealand dollar to rise further and believes that the equity market rally has life in it yet.

The Reserve Bank of Australia became the first Group of 20 central bank to raise rates after the global recession.

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