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11 Dec 2013
No changes in 2.5% RBNZ rate but hints for possible hikes
FXstreet.com (San Francisco) - The Reserve Bank of New Zealand decided to leave unchanged its official cash rate at 2.5% according to a recent press release published by the bank.
“Growth remains moderate but mixed for New Zealand’s main trading partners. Nevertheless, export prices for New Zealand’s main commodities, and especially dairy produce, have continued to increase," commented Governor Graeme Wheeler.
The central bank affirms that the New Zealand economy has considerable momentum and they expect GDP to grow 3% in the year to the September quarter.
"Annual CPI inflation increased to 1.4 percent in the September quarter and inflation pressures are projected to increase," pointed Wheeler. In this line, “the Bank will increase the OCR as needed in order to keep future average inflation near the 2 percent target midpoint”.
“Growth remains moderate but mixed for New Zealand’s main trading partners. Nevertheless, export prices for New Zealand’s main commodities, and especially dairy produce, have continued to increase," commented Governor Graeme Wheeler.
The central bank affirms that the New Zealand economy has considerable momentum and they expect GDP to grow 3% in the year to the September quarter.
"Annual CPI inflation increased to 1.4 percent in the September quarter and inflation pressures are projected to increase," pointed Wheeler. In this line, “the Bank will increase the OCR as needed in order to keep future average inflation near the 2 percent target midpoint”.