New Zealand hold rates steady

by Richard Kilner

Story link: New Zealand hold rates steady

The Reserve Bank of New Zealand has elected to leave the Official Cash Rate (OCR) unchanged at 2.5%.

Governor Alan Bollard has stated that the country’s recovery is proceeding as forecast, and is predicted to improve as the year goes on.

New Zealand has benefited from the strong resurgence of its trading partners in Asia, although globally risks remain.

New Zealand’s interest rate has been at 2.5% since April 2009, with tomorrow being the one year anniversary of the rate, which has since been unchanged.

In the UK, the Bank of England has held rates steady at the historic low of 0.5% for more than a year and the troubled eurozone has held rates at 1% for almost as long.