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MNI BRIEF: RBNZ Leaves OCR At 5.5%

(MNI) Melbourne

The Reserve Bank of New Zealand’s monetary policy committee left its official cash rate at 5.5% Wednesday, noting the economy continued to evolve as anticipated.

In a statement, the MPC noted CPI remained above the 1-3% target range. “A restrictive monetary policy stance remains necessary to further reduce capacity pressures and inflation,” the committee added.

The MPC has left the cash rate at 5.5% since May 2023. The committee’s decision was largely anticipated. (See MNI RBNZ WATCH: MPC Set To Hold, Maintain Strong Stance)

The MPC added, while economic growth remained weak, it was confident maintaining the OCR at a restrictive level for a sustained period will return CPI back to target this calendar year.

Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.
Policy NewsCentral Bank NewsHomepageEmailRBNZAPACNew ZealandBriefStoryRegion
Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.
Policy NewsCentral Bank NewsHomepageEmailRBNZAPACNew ZealandBriefStoryRegion

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