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The Reserve Bank of New Zealand (RBNZ) left the country’s official cash rate on hold at its monetary policy meeting this morning at 2.5 per cent.
Alan Bollard, governor of the RBNZ, said the economic outlook remained weak but the economy could be expected to grow again towards the end of the year, albeit at a slow and fragile tempo.
Mr Bollard indicated that there was still the possibility of further rate cuts.
“The OCR [official cash rate] could still move modestly lower over the coming quarters. As we said at the time of the April OCR decision, we expect to keep the OCR at or below the current level through until the latter part of 2010.”
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