WELLINGTON, May 11 (Reuters) - New Zealand’s central bank held its benchmark interest rate at 1.75 percent on Thursday, reiterating that it would keep rates on hold for a considerable period.
“Numerous uncertainties remain and policy may need to adjust accordingly,” Reserve Bank of New Zealand governor Graeme Wheeler said in a statement accompanying the decision.
Wheeler said that the recent falls in the exchange rate were encouraging and would encourage the growth outlook if sustained.
All 26 economists polled by Reuters expected no change to the Reserve Bank of New Zealand’s (RBNZ) official cash rate (OCR), which was lowered by 25 basis points to the current record low in November. All forecast that rates will stay stable throughout 2017.
For the text of the statement double click on. (Reporting by WELLINGTON and SYDNEY Newsrooms)