PHOTO: Reserve Bank Governor Adrian Orr Photo: RNZ / Dom Thomas
The Reserve Bank has held the official cash rate (OCR) at a record low 0.25 percent, as expected, and reaffirmed easy monetary policies to support the economy through the pandemic.
It said the economy slowed over summer but had continued to improve, and still faced an uncertain and uneven outlook.
“Economic uncertainty remains elevated and divergences in economic growth both within and between countries are significant,” the Monetary Policy Committee (MPC) said in a statement.
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“Short-term data continues to be highly variable as a result of the economic impacts of Covid-19. ”
It said the central bank was still short of reaching its targets of sustainable employment and inflation around 2 percent.
“Meeting these requirements will necessitate considerable time and patience. The committee agreed that it was prepared to lower the OCR if required.”
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