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By Lucy Craymer
WELLINGTON, April 13 (Reuters) - The Reserve Bank of New Zealand (RBNZ) raised interest rates by a hefty 50 basis points to 1.50% on Wednesday, its fourth hike in a row as it seeks to reduce any second-round effects from sharply rising inflation.
All 21 economists in a Reuters poll had expected the RBNZ to hike rates. Fifteen had forecast a 25 basis point increase while the rest had expected a 50 basis point hike.
"A larger move now also provides more policy flexibility ahead in light of the highly uncertain global economic environment," the Reserve Bank of New Zealand said in a statement explaining why it increased the official cash rate by 50 basis point, which was its biggest rate increase in more than 20 years. (Reporting by Lucy Craymer; Editing by Christian Schmollinger)