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Financial News: New Zealand Keeps Key Interest Rate Unchanged

New Zealand Keeps Key Interest Rate Unchanged

05/22/2024 - 01:20:00 (RTTNews)

(RTTNews) - New Zealand's central bank left its benchmark rate unchanged for the seventh straight meeting on Wednesday.

The Monetary Policy Committee of the Reserve Bank of New Zealand, led by Governor Adrian Orr, decided to hold the Official Cash Rate at 5.50 percent.

The MPC observed that inflation is likely to return to within the 1 to 3 percent target range by the end of 2024.

The welcome decline in inflation in part reflects lower inflation for goods and services imported into New Zealand.

"However, services inflation is receding slowly, and expected policy interest rate cuts continue to be delayed," the bank said. "The Committee agreed that monetary policy needs to remain restrictive to ensure inflation returns to target within a reasonable timeframe," the bank added.

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