WELLINGTON, Nov 13 (Reuters) - The Reserve Bank of New Zealand (RBNZ) held the official cash rate (OCR) at 1.0% on Wednesday, dashing market expectations for an easing, but said it remained prepared to act on policy as required.
“We expect economic growth to remain subdued over the remainder of the calendar year. We will continue to monitor economic developments and remain prepared to act as required,” RBNZ’s monetary policy committee said in a statement accompanying the rates decision.
A Reuters poll of economists had expected RBNZ to cut rates in the final policy meeting for the year.
The bank left the benchmark rate unchanged in September after stunning the markets with a steep 50 basis point cut in August.
The New Zealand dollar rose to $0.6413 from $0.6300.
Reporting by Praveen Menon and Charlotte Greenfield; editing by Sam Holmes