Urgent: Reserve Bank of New Zealand raises interest rate by 25 basis points to 3.5 percent

Urgent: Reserve Bank of New Zealand raises interest rate by 25 basis points to 3.5 percent

WELLINGTON, July 24 (Xinhua) -- The Reserve Bank of New Zealand on Thursday raised its official cash rate by 25 basis points to 3. 5 percent, saying it was important to contain inflation expectations despite signs that the pace of economic growth might be slowing.