RBNZ to keep OCR at 2.5 percent through 2013 amid housing-currency tension

Wed, 12 Jun 2013

By Paul McBeth June 13 (BusinessDesk) – Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.5 percent and expects to stay put for the rest of the year as he balances the competing tensions of an “overvalued” currency and an overheating property market. The kiwi fell after the statement. The central bank affirmed its expectation the key interest rate will stay on hold this year, while saying it stands ready to hike rates if rising house prices spur another property bubble, or cut rates if the kiwi dollar continues to apprec...

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