Good call by Reserve Bank

Thursday, 11 March 2004, 10:51 am
Press Release: Employers and Manufacturers Association Northern

Business welcomes today's decision by the Reserve Bank to keep the official cash rate steady at 5.25 per cent, the Employers & Manufacturers Association (Northern) says.

"There was no cause to raise interest rates at this time," said Alasdair Thompson, EMA's chief executive.

"The cut in exporters' incomes from the high NZ dollar will flatten domestic demand soon enough as its effects ripple through the economy, and the housing bubble is already deflating.

"We can't see any signs of inflation that a rise in interest rates would depress. For instance, it wouldn't keep central and local government from raising their costs, and it won't help control the price of electricity."

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