PHOTO: STUFF – The Reserve Bank in central Wellington.
The Reserve Bank has left the official cash rate unchanged at 1.75 per cent and cut its projections for short term economic growth.
In a move widely expected by financial markets, acting governor Grant Spencer signalled the benchmark rates was likely to stay at its current level for some time. Economists generally forecast no change in the OCR until at least next year.
“Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly,” Spencer said in a release.
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