RBNZ keeps rates on hold at 5.5% as expected

RBNZ keeps rates on hold at 5.5% as expected
(Image: BusinessDesk)
Rebecca Howard
The Reserve Bank of New Zealand kept the official cash rate on hold at 5.5% and reiterated that ongoing restrictive monetary policy settings are necessary."While some near-term price pressures remain, the 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% target range this calendar year," it said.  Inflation was 4.7% in the December quarter. The decision was widely expected. 

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