New Zealand's central bank left the key interest rate unchanged on Wednesday, defying expectations for a reduction, and signaled that it was ready to add more stimulus if needed, in the backdrop of subdued growth and below-target inflation.
The Monetary Policy Committee of the Reserve Bank of New Zealand, led by Governor Adrian Orr, decided to keep the Official Cash Rate, or OCR, at 1.0 percent. Economists had expected a quarter-point reduction to 0.75 percent.
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