RBNZ keeps OCR at 2.25%, says inflationl likely to pick up; kiwi jumps

Wed, 27 Apr 2016

By Paul McBeth April 28 (BusinessDesk) - Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. The kiwi dollar jumped more than three-quarters of a US cent. "We expect inflation to strengthen as the effects of low oil prices drop out and as capacity pressures gradually build," Wheeler said in a statement. "Monetary po...

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