The Reserve Bank of New Zealand held its headline interest rate steady at today’s (February 13) policy meeting, keeping its options open amid signs of a global slowdown.
The official cash rate remains at 1.75%. “We expect to keep the OCR at this level through 2019 and 2020,” said governor Adrian Orr in a post-meeting statement. “The direction of our next OCR move could be up or down.”
Like many central banks, the RBNZ is bracing for the effects of a global slowdown. Orr said the risk of a