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NZ Reserve Bank reassures business by keeping rates on hold

New Zealand Reserve Bank reassures business by keeping rates on hold

As expected, the Reserve Bank of New Zealand has today kept its Official Cash Rate at 2.50%, and unchanged since March 2011.

CPA Australia Chief Executive Alex Malley said the decision was a responsible and reassuring move for business by the RBNZ.

“At a time of historically low global interest rates, a decision to increase interest rates would have risked a serious appreciation of the New Zealand dollar and may have hurt New Zealand’s internationally competitive businesses.

“Protecting and enhancing New Zealand’s international competitiveness and integrating with the economies of the Asian region is vital to securing New Zealand’s growth and advantage in the Asian Century,” Mr Malley said.

“Looking ahead, and backed up by comments made by the Reserve Bank Governor, we are still expecting a modest increase in rates in March next year.”

ENDS

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