Bollard keeps OCR at 2.5% amid risks of a 'rapid' deterioration in Europe

Wed, 25 Jul 2012

By Paul McBeth July 26 (BusinessDesk) - Reserve Bank Governor Alan Bollard kept the official cash rate at 2.5 percent, saying the euro-zone's sovereign debt woes are hanging over New Zealand's trading partners and the bank is watching the region for any signs of deterioration. "New Zealand's trading-partner outlook remains poor, with several euro-area economies in recession," Bollard said in a statement. "It remains appropriate for the OCR to be held at 2.5 percent," he said, dropping last meeting's reference for conditions to stay stimulato...

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