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Good call by Reserve Bank
Good call by Reserve Bank
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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