Interest rates on hold for some time
The central bank this morning announced that the OCR would remain unchanged and said it needed more time to monitor earlier monetary policy tightening and the impact of export price reductions before making its next increase.
RBNZ Governor Graeme Wheeler said, in a statement, that more OCR increases are likely.
However he didn’t provide any guidance to when they might come and appears to have toned down the immediacy of any increases.
“We expect some further policy tightening will be necessary to keep future average inflation near the two percent target mid-point to ensure that the economic expansion can be sustained.”
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