Former rural banker head and now Te Awamutu dairy farmer Ian Farelly is urging Reserve bank Governor Adrian Orr not to raise the official cash rate. Analysts are predicting another rise of 25 basis points to try and halt inflation but Mr Farelly says that along with Fonterra’s forecast drop of 20 cents means the rising OCR is a step too far and any rise will put extra pressure on everyone not just farmers. Ian Farrelly headed ASB Bank’s Rural Banking Division for 17 years and says his dairy business milking nearly 8000 cows has already seen a drop in income of $3 million.
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