RBNZ holds rates, currency falls on policy stance

RBNZ monetary policy committee held the official cash rate at 5.5%. — Bloomberg

WELLINGTON: New Zealand’s central bank has kept interest rates unchanged for an eighth straight meeting and says tight monetary policy may be curbing demand more strongly than expected. The local dollar fell.

The Reserve Bank of New Zealand’s (RBNZ) monetary policy committee held the official cash rate at 5.5% yesterday in Wellington, as anticipated by all 20 economists in a Bloomberg survey.