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PHOTO: ROBERT KITCHIN/STUFF Reserve Bank Governor Adrian Orr.
The Reserve Bank has warned of the risks of a global slowdown as it signalled the next move for interest rates could be a cut.
As expected, the central bank left the official cash rate at 1.75 per cent, signalling it would likely stay at this level until 2021, slightly longer than it previously predicted.
“The direction of our next OCR move could be up or down,” governor Adrian Orr said in a statement.
Although recent statements have hinted at the possibility of a future interest rate cut, Wednesday’s statement made the risk of a cut explicit.
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