June 29, 2020 / 10:35 PM / 12 days ago

RBNZ reaffirms guidance rates to stay on hold until next year

FILE PHOTO: Pedestrians walk near the main entrance to the Reserve Bank of New Zealand located in central Wellington, New Zealand, July 3, 2017. REUTERS/David Gray

WELLINGTON (Reuters) - The Reserve Bank of New Zealand (RBNZ) has reaffirmed its guidance on keeping interest rates unchanged until March next year and is not expected to review this guidance, the bank’s chief economist said on Tuesday.

“We basically reaffirmed the guidance that we set in March, so the expectation will be that we won’t be reviewing that before March next year,” Yuong Ha said a virtual webinar series hosted by Bloomberg.

RBNZ left rates unchanged last week and said rates would remain unchanged until March next year.

Ha said downside risks remain to inflation and employment, and said the bank was keeping all options open and would do what was needed to support the economy.

Reporting by Praveen Menon; Editing by Chris Reese

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