The Reserve Bank of New Zealand's monetary policy board on Thursday decided to hold its Official Cash Rate steady at 3.50 percent - in line with expectations.
It was the fourth straight month with no change for the RBNZ, which had hiked the OCR by 25 basis points in each of previous four meetings prior to September.
Before that, there were 23 straight meetings with no change. The OCR had been at a record low 2.50 percent since March 10, 2011 as the country dealt with the global economic slowdown.
It wasn't until last March that the central bank felt confident enough in a recovery that it lifted the OCR - although no additional action is likely in the near term.
"Trading partner growth in 2015 is expected to be similar to 2014, though the outlook is weaker than anticipated last year. Divergences continue among regions, with growth in China, Japan and the euro area easing in recent quarters, while growth in the US has remained robust," the bank said in a statement accompanying the decision.
One of the biggest factors in the current global landscape, the bank said, was the dramatic decline in the price of oil - which has led to increased volatility.
But the cheaper oil has an added benefit for the average consumer in that it will increase buying power.
"The lower oil price will have a significant impact on prices and activity in New Zealand. The most direct and immediate effects are through fuel prices, with the price of regular petrol falling from a national average of NZ$2.23 in mid-2014 to NZ$1.73 currently. This will increase households' purchasing power and lower the cost of doing business," the bank said.
The bank noted that economic growth seems steady at around 3 percent, thanks to by rising construction activity and household incomes - while the housing market also shows signs of improvement.
The board also pointed to the easing NZ dollar, adding that further depreciation is to be expected.
"The high exchange rate, low global inflation, and falling oil prices are causing traded goods inflation to be very weak. Non-tradables inflation remains moderate, despite buoyant domestic demand and an improving labor market," the bank said.
The RBNZ called it prudent to take more time and further observe the effects of its moves to date.
The bank pointed to several factors for taking its time in taking any further actions, including weak global inflation, falls in international oil prices and the high exchange rate.
"In the current circumstances, we expect to keep the OCR on hold for some time. Future interest rate adjustments, either up or down, will depend on the emerging flow of economic data," the bank said.
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