Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

RBNZ Leaves OCR Unchanged At 2.50%

The Reserve Bank of New Zealand left its benchmark interest rate unchanged at 2.50 percent on Thursday.

RBNZ Governor Alan Bollard also said inflation remains under control.

The Official Cash Rate has been 2.50 percent since March 2011.

"The domestic economy is showing signs of recovery. Housing market activity continues to increase and a recovery in building activity appears to be underway, as forecast," said Ballard's statement. "That recovery will strengthen as repairs and reconstruction in Canterbury pick up later in the year."

Bollard called the current 2.5 percent rate for the OCR "appropriate."

"Inflation is restrained and is expected to stay near the middle of the bank's target range," he said.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. After ending the previous session modestly lower, stocks moved mostly higher over the course of the trading day on Thursday. The gains on the day more than offset yesterday's losses, lifting the major averages to their best closing levels in a month. Sen. Lindsey Graham, R-S.C., is seen as a long shot for the Republican presidential nomination in 2016, and his chances may have gotten worse after he was recorded joking about the prospects for "white men" if he were elected president.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.