Reserve Bank keeps OCR on hold at 5.5% as expected

Reserve Bank keeps OCR on hold at 5.5% as expected
Reserve Bank Governor Adrian Orr wants inflation tamed. (Image: Getty)
Rebecca Howard
The Reserve Bank of New Zealand has kept the official cash rate on hold at 5.5% and reiterated ongoing restrictive monetary policy settings are still necessary to tame inflation."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 bank's latest forecast from February shows annual inf...

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