OCR held at 1.75% for fifth time
The OCR (Official Cash Rate) remains unchanged again, at 1.75%, for the fifth consecutive review.
“Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly,” said Reserve Bank Governor Graham Wheeler.
“Growth is expected to improve going forward, supported by accommodative monetary policy, strong population growth, an elevated terms of trade, and the fiscal stimulus outlined in Budget 2017.”
The RBNZ’s interest rate forecasts pointed to the cash rate remaining on hold until early 2020.