Leave rates at record high, IMF tells NZ

The International Monetary Fund (IMF) has called on the Reserve Bank of New Zealand to avoid cutting rates until clearer signs of a slump emerge.

The Reserve Bank's benchmark official cash rate has stood at 8.25% since July 2007 - its highest level since it was introduced in 1999. Comments following the last rate decision in April signalled that the institution had softened its stance.

Alan Bollard, the governor of the Reserve Bank, said then that the institution now saw "significant downside