RBNZ's Wheeler keeps OCR at 1.75% with uncertain outlook, complains about strong kiwi

Wed, 21 Jun 2017

By Paul McBeth June 22 (BusinessDesk) - Reserve Bank governor Graeme Wheeler kept the official cash rate at 1.75 percent and will look through a recent pick-up in inflation which is seen as being a temporary spike in the tradables sector while complaining about the currency's strength over the past month. The kiwi gained. "The increase in headline inflation in the March quarter was mainly due to higher tradables inflation, particularly petrol and food prices," Wheeler said in a statement. "These effects are temporary and may lead to some...

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