RBNZ leaves OCR unchanged at 6.75 per cent

The Reserve Bank of New Zealand left the Official Cash Rate unchanged at 6.75 per cent on Thursday 28 July. Governor Alan Bollard said short-term inflation pressures have recently emerged as a result of surging oil prices.

Reserve Bank Governor Alan Bollard said: "The economy has recently shown signs of softening. GDP growth has continued to ease over recent quarters, particularly in sectors such as manufacturing that are exposed to the strong exchange rate. Indicators of business activity hav