New Zealand holds rates

The Reserve Bank of New Zealand decided to keep its benchmark official cash rate (OCR) at 8.25% on Thursday.

Alan Bollard, the governor of the Reserve Bank, said: "At this point, we believe that the current level of the OCR is consistent with future inflation outcomes of 1 to 3% on average over the medium term." The governor added: "However, given greater than usual uncertainty at present, we will be watching to see how the upside and downside risks to the outlook are developing."

Bollard sai