WELLINGTON, April 10 (Xinhua) -- New Zealand's central bank on Wednesday left the Official Cash Rate (OCR) at 5.5 percent to further contain inflation.

New Zealand's current consumer price inflation remains above the Reserve Bank of New Zealand (RBNZ) Monetary Policy Committee's 1 to 3 percent target range, said a RBNZ statement.

"A restrictive monetary policy stance remains necessary to further reduce capacity pressures and inflation," it said, adding most major central banks are cautious about easing monetary policy given the ongoing risk of persistent inflation.

RBNZ warns economic growth in New Zealand remains weak.

While some near-term price pressures remain, the Monetary Policy Committee is confident that maintaining the OCR at a restrictive level for a sustained period will return consumer price inflation to within the 1 to 3 percent target range this calendar year, RBNZ said.

RBNZ's forecast has shown little prospect of the OCR cut before mid-2025. Enditem

Related

Go to Forum >>0 Comment(s)