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13 Mar 2013
RBNZ leaves interest rate unchanged at 2.5%
The Reserve Bank of New Zealand decided today to leave the Official Cash Rate (OCR) unchanged at 2.5% as expected.
In a statement, Reserve Bank Governor Graeme Wheeler said that the economic recovery is uneven and mentioned that the strong currency is undermining profitability in export and import competing industries.
The bank expects the country to grow at an annual rate of between 2-3% while inflation is expected to rise gradually towards the 2%, midpoint of the target range.
"There are both upside and downside risks to this outlook. At this point we expect to keep the OCR unchanged through the end of the year", the RBNZ said.
In a statement, Reserve Bank Governor Graeme Wheeler said that the economic recovery is uneven and mentioned that the strong currency is undermining profitability in export and import competing industries.
The bank expects the country to grow at an annual rate of between 2-3% while inflation is expected to rise gradually towards the 2%, midpoint of the target range.
"There are both upside and downside risks to this outlook. At this point we expect to keep the OCR unchanged through the end of the year", the RBNZ said.