RBNZ Bollard says rates may fall as currency rises

New Zealand's central bank chief Alan Bollard said on Thursday he may cut interest rates this year because a rising New Zealand dollar is slowing consumer spending and inflation.

The Reserve Bank of New Zealand held the official cash rate at 5.75 percent on Thursday, as expected by all 13 economists polled by Bloomberg News. Bank bill and bond yields fell after Governor Bollard's statement that borrowing costs may fall.

The New Zealand dollar has gained 27 percent against the U.S. currency in the

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