Reserve Bank leaves official cash rate on hold

Reserve Bank governor Adrian Orr. (Image: BusinessDesk)

Wed, 16 Aug 2023

The Reserve Bank of New Zealand has left the official cash rate on hold at 5.5%.The central bank has today delivered a full Monetary Policy Statement including fresh forecasts for the economy.The Reserve Bank said the OCR would need to remain restrictive for the foreseeable future.The RBNZ said there was an outside chance of a hike in the March quarter in 2024 with the official cash rate track going up to 5.6% for three quarters.The new forecasts also predict NZ’s economy to enter recession in the third quarter, Bloomberg reported.The RBN...

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