New Zealand central bank to hold rates at record lows

The Reserve Bank of New Zealand (RBNZ) will keep the official cash rate (OCR) unchanged at 0.25% tomorrow for a fourth consecutive meeting, according to all 11 economists polled by Reuters

WELLINGTON: New Zealand’s central bank is likely to keep interest rates steady at record lows and hold off on further stimulus this week, even as the economy faces a deep recession, on signs the fallout from coronavirus pandemic could be milder than expected.

The Reserve Bank of New Zealand (RBNZ) will keep the official cash rate (OCR) unchanged at 0.25% tomorrow for a fourth consecutive meeting, according to all 11 economists polled by Reuters. The economists said they expected rates to remain steady for the rest of the year.