NZ to keep rate at record low until end of 2010

The Reserve Bank of New Zealand followed the Bank of Canada's lead on Thursday and said it was likely to keep its benchmark rate at or below its current record low of 2.5% until the second half of 2010.

"We expect to keep the official cash rate at or below the current level through until the latter part of 2010," Alan Bollard, the governor of the Reserve Bank, said. "The rate could still move modestly lower over the coming quarters."

The statement, announced in tandem with a decision to chop a