No rate hike likely until 2020, says RBNZ’s Orr

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The Reserve Bank of New Zealand will look to raise interest rates in 2020, not 2019, as its May forecasts had previously suggested, the governor of the central bank announced today (August 9).

“The Official Cash Rate remains at 1.75%. We expect to keep the OCR at this level through 2019 and into 2020, longer than we projected in our May statement. The direction of our next OCR move could be up or down,” Adrian Orr said during the central bank’s latest monetary policy press conference.

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