Thursday, April 28, 2011

RBNZ Holds OCR Unchanged at 2.50%

The Reserve Bank of New Zealand left the Official Cash Rate unchanged at 2.50% as the outlook for the New Zealand economy remained "very uncertain".  The Bank said "Given the outlook for core inflation and continued economic disruption stemming from the earthquakes, the current level of the OCR is likely to remain appropriate for some time."  New Zealand reported consumer price inflation of 4.5% in Q1, up from 4.0% in Q4 of 2010, and above the official inflation target of 1-3% as short term factors caused a spike in prices.


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