RBNZ Interest Rate Decision & Monetary Policy Statement

Thursday, 10 May 2018, 9:34 am
Press Release: HiFX

The RBNZ have maintained the Official Cash Rate (OCR) at 1.75%. This was widely expected.

The key points in the RBNZ statement and full monetary policy statement are:

Reserve Bank of NZ Keeps Cash Rate Unchanged at 1.75%
Monetary policy will remain accommodative for a “considerable period”
Keeping OCR at current level best contribution to maximising sustainable employment
Recent jobs growth unprecedented
Capacity constraints to see CPI rise gradually to 2%
Global growth to support demand for NZ exports
Household spending to support GDP growth
Global inflation pressures are expected to rise
Currently, low food, import price inflation. Subdued wages keeping inflation down
Economic growth remain robust
Future OCR direction balanced between up and down
Only “time and events will tell” the OCR direction
No mention of the NZD$
The NZD is lower in immediate response.

The RBNZ Press Conference begins at 10:00am.

The next OCR decision will be held on 28th June 2018.

Below is link to the full RBNZ press statement:

https://www.rbnz.govt.nz/news/2018/05/official-cash-rate-unchanged-at-1-75-percent

Current indicative levels are:

NZD-USD 0.6935 / 0.6960
NZD-AUD 0.9295 / 0.9320
NZD-EUR 0.5850 / 0.5875
NZD-GBP 0.5115 / 0.5140
NZD-JPY 76.05 / 76.30

Please call for further information or pricing.

ends

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