WILLINGTON: New Zealand’s central bank held interest rates at 3.5 per cent, saying lower oil prices were helping to contain inflation.
The Reserve Bank of New Zealand said the official cash rate (OCR) was likely to remain unchanged for some time as long-term inflation forecasts remain in the middle of its 1.0-3.0 per cent target range.
Our central projection is consistent with a period of stability in the OCR,” governor Graeme Wheeler said in a statement.
However, future interest rate adjustments, either up or down, will depend on the emerging flow of economic data.”
