OCR stays at 2.5 percent
Thu, 13 Sep 2012 5:21a.m.
The Reserve Bank has kept the official cash rate at a record low 2.5 percent.
It is governor Alan Bollard's last interest rate review before he starts new role as executive director of the APEC secretariat.
A Reuters survey of 18 economists suggests the central bank won't raise the OCR until June next year at the earliest.
The rate hasn't moved since March 2011 from its lowest point since it was introduced in March 1999.
Thursday's monetary policy statement is Dr Bollard's last before handing over the job to former World Bank executive Graeme Wheeler, and comes amid slow domestic and global economic growth.
The OCR, a tool for controlling inflation, influences the price of borrowing money. It dictates the costs of registered banks settling their daily accounts with the Reserve Bank.
NZN / 3 News
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