RBNZ keeps rates unchanged but signals future cuts
New Zealand central bank thinks lower rates may be needed due to weak global and local growth
The Reserve Bank of New Zealand (RBNZ) kept interest rates unchanged today (June 26), but said the economy may soon need a more accommodative policy due to lower international and domestic growth.
The monetary policy committee left the official cash rate (OCR) at 1.5%. But it said the economic outlook had “softened” since its previous statement in May. Rate-setters “agreed that a lower OCR may be needed to meet its objectives, given further deterioration in the outlook for trading-partner
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