RBNZ signals future rate cut on international weakness

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The Reserve Bank of New Zealand adopted a looser policy stance today (March 27) due to the weaker outlook of the international economy.

The RBNZ left the official cash rate at 1.75%, but it said “the more likely direction of our next OCR move is down”. This contrasts notably with the wording of the previous policy statement on February 13. Back then it said it intended “to keep the OCR at this level through 2019 and 2020. The direction of our next OCR move could be up or down.”

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