|09-11-2014, 04:59 AM||#1|
RBNZ left rates unchanged on expected moderate growth
The Reserve Bank of New Zealand’s board members decided today to keep the nation’s benchmark interest rates unchanged for another round, amid the recent expectations for a moderate growth rate for the year.
Moreover, the RBNZ left New Zealand’s interest rate unchanged at 3.50 percent, meeting analysts’ estimates.
The banks sees current rates are helping the economy to grow moderately, adding that 2 percent inflation is expected to be noticed in the third quarter of 2016, with expectations for New Zealand’s economy to expand by 3.7% over 2014.
At the same time, the central bank raises its GDP forecasts for the nation’s economy to 3.2% during the first quarter of 2015, up from previous forecasts of 2.7%, and 2.6% in 2016’s first quarter from 2.4%.
RBNZ’s Governor Graeme Wheeler noted that market sees next raise in the nation’s interest rate in April next year, adding that inflationary pressure is less than RBNZ anticipated.
The bank confirmed also that house price inflation began to ease along side with commodity prices, which boosted the nation’s economic outlook and encourage investments and spending.
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