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December 10, 2009

New Zealand keeps rates at 2.5%

by Richard Kilner

Story link: New Zealand keeps rates at 2.5%

The Reserve Bank of New Zealand has retained the Official Cash Rate (OCR) at 2.5%.

Governor Alan Bollard explained that although the country continued in its economic recovery significant doubts remained about the size of growth in the near future.

China and Australia have both seen growth recover rapidly, aiding New Zealand, but the situation remains less clear regarding the major economies of the West.

In the eurozone, the European Central Bank recently retained the record low rate of 1%, and the Bank of England has kept the UK’s interest rates down at 0.5%, the lowest in its 300 year history, for months.

However, earlier this month Australia bucked the international trend and increased interest rates by 25 basis points for the third consecutive month, putting rates up to 3.75%.

 

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