Reserve Bank sees OCR on hold ‘for some time’, could go ‘up or down’ based on data

Wed, 28 Jan 2015

By Jonathan Underhill Jan. 29 (BusinessDesk) - The Reserve Bank of New Zealand dropped its explicit reference to a tightening cycle for interest rates, saying inflation could turn negative before returning to its target band and the official cash rate may be raised or lowered dependent on economic data flows. The kiwi dropped to a fresh three-year low. Governor Graeme Wheeler kept the OCR at 3.5 percent, as expected, and said a move back toward the mid-point of the bank’s 1 percent-to-3 percent target band for annual inflation may occur “...

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