UPDATED RBNZ to keep OCR on hold this year, repeats view kiwi ‘overvalued’

Wed, 12 Jun 2013

By Paul McBeth June 13 (BusinessDesk) – Reserve Bank governor Graeme Wheeler said he’s likely to keep the official cash rate at 2.5 percent through 2013, repeating his view that the kiwi dollar is overvalued and that he stands ready to intervene again if needed. The central bank affirmed its expectation the key interest rate will stay on hold this year, while saying it’s prepared to hike rates if rising house prices spur another property bubble, or cut rates if the kiwi dollar continues to appreciate. “Despite having fallen over the past fe...

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