Market News

RBNZ will hold for longer

Reserve Bank ofNew ZealandGovernor Alan Bollard confirmed that the OCR will remain at 2.5% for a 15 consecutive month & that it is likely to stay there for a longer period up to a year depending on the global economic outlook. Bollard said ‘It remains appropriate for monetary policy to remain stimulatory, with the official cash rate being held at 2.5 percent’. He also confirmed that September’s policy meeting would be his last before he steps down.