logo
Share SHARE
FONT-SIZE Plus   Neg

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
The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares. Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has pledged to give away his entire wealth amounting to $32 billion for charity. He said the fund will be utilized for cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world. Toyota accepted the resignation of its Chief Communications Officer Julie Hamp, following her arrest in Japan for allegedly mailing banned painkillers to her address in Japan from U.S.
comments powered by Disqus
Follow RTT