PHOTO: ROBERT KITCHIN/STUFF – Reserve Bank governor Adrian Orr said his outlook for the economy was little changed from August, despite recent figures showing the economy grew faster than expected in the June quarter
Reserve Bank governor Adrian Orr has left the official cash rate at its record low of 1.75 per cent.
“We expect to keep the OCR at this level through 2019 and into 2020. The direction of our next OCR move could be up or down,” Orr said in a statement.
The decision to leave the OCR at its current record low was widely expected.
While the economy grew faster than the Reserve Bank expected in the three months to June 30, Orr said the bank’s projections for the economy were “little changed” to its last major update in August.
READ MORE: Reserve Bank says the benchmark official cash rate will stay at 1.75 per cent until at least 2020
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