RBNZ's Wheeler says OCR to stay unchanged this year amid uneven recovery

Wed, 13 Mar 2013

By Paul McBeth March 14 (BusinessDesk) - Reserve Bank governor Graeme Wheeler held the official cash rate at 2.5 percent, as expected, saying the benchmark rate is expected to move this year amid an uneven economic recovery. The kiwi dollar dropped on the news "The overvalued New Zealand dollar is undermining profitability in export and import competing industries, and worsening drought conditions are creating difficulty in much of the country," Wheeler said. "At this point we expect to keep the OCR unchanged through the end of the year. Th...

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