The central bank of New Zealand raised its benchmark rate by a quarter of a percent on 9 July 2026. The move ends a pause that began in 2023. In response, the country’s major lenders lifted their own lending rates. ASB Bank said the hike marks the end of the era of historic mortgage rates. Analysts at UBS said the policy shift puts further pressure on the currency and expect more rate moves later this year. The policy change aims to move toward a more neutral stance.