RBNZ's Wheeler keeps OCR at 2.5 percent, brushes off weak inflation and points to high dollar

Tue, 23 Apr 2013

By Paul McBeth April 24 (BusinessDesk) - Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.5 percent, talking down the threat of soft inflation in recent months and reiterating his view the New Zealand dollar is "overvalued". The kiwi jumped after the statement. "The high New Zealand dollar continues to be a significant headwind for the tradables sector, restricting export earnings and encouraging demand for exports," Wheeler said in a statement. "At this point, we expect to keep the OCR unchanged through the end of the y...

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