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Updated Friday, July 30, 2010 11:33 am TWN, AP

New Zealand's central bank raises key interest rate, cautious about future

WELLINGTON -- New Zealand's central bank raised its key interest rate by a quarter percentage point on Thursday, but said the pace of future hikes is likely to be more moderate than first thought amid a fragile global economy.

The increase in the official cash rate to 3 percent followed a quarter point rise on June 10 that lifted the rate from its record low of 2.5 percent, where it was held for 13 months to counter the worldwide recession.

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