Reserve Bank leaves OCR unchanged at 2.0 per cent



One News

The Reserve Bank has left the Official Cash Rate unchanged at 2.0 per cent this morning.

A mixture of New Zealand Bank notes and coins.

New Zealand currency (file picture).


"Weak global conditions and low interest rates relative to New Zealand are placing upward pressure on the New Zealand dollar exchange rate," Reserve Bank Governor Graeme Wheeler said in a statement.

"Our current projections and assumptions indicate that further policy easing will be required to ensure that future inflation settles near the middle of the target range," Mr Wheeler said.

The announcement comes after shares dropped yesterday ahead of this morning's announcement.

The S&P/NZX 50 Index fell 27.28 points, or 0.4 per cent, to 7,281.17. Within the index, 27 stocks fell, 15 rose and eight were unchanged. Turnover was $194.6 million.

Overseas, in the US stocks climbed after the Federal Reserve once again left interest rates unchanged.

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