RBNZ keeps OCR on hold, but less hawkish

RBNZ governor Adrian Orr (Image: Getty)

Wed, 28 Feb 2024

The Reserve Bank of New Zealand kept the official cash rate on hold at 5.5% and essentially removed the possibility of another hike.The New Zealand dollar fell to 61.22 US cents from 61.73 US cents just before the release.Most economists had expected the RBNZ to keep rates on hold but to retain a hawkish bias. While the RBNZ was less hawkish than expected, any planned interest rate cuts still won't happen until early 2025. “The committee agreed that interest rates need to remain at a restrictive level for a sustained period...

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