NEWSFLASH: Cash rate unchanged

The Reserve Bank today left the Official Cash Rate unchanged at 5.75%.

Thursday, January 23rd 2003, 9:21AM

NEWSFLASH: Cash rate unchanged -->NEWSFLASH: Cash rate unchanged -->"A key development since November has been a further sharp rise in the New Zealand dollar against all major currencies. If sustained, we expect the higher exchange rate to dampen future economic activity and, hence, medium-term inflation pressures," Reserve Bank governor Alan Bollard said. "However, current domestic economic activity appears to be more robust than we anticipated, as reflected in indicators of household spending and construction sector activity. The latest estimates suggest that domestic inflationary pressure has continued, offsetting a fall in imported inflation. As expected, overall CPI inflation has remained towards the upper end of the 1 to 3% target band for inflation on average over the medium term.

"For the moment, it is appropriate to leave the OCR unchanged, reflecting the strong growth in the New Zealand economy. However, the balance of risks around the future path of interest rates has shifted. If the exchange rate remains at around present levels or appreciates further, and if the evidence points to reduced pressures on resources and medium-term inflation, then there may be scope for a cut in the OCR later in the year," Bollard said.

The next OCR announcement comes with the release of the Monetary Policy Statement on March 6.

This is the official announcement from the Reserve Bank. A news story will follow.

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Mortgage rates unlikely to rise this year »

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NEWSFLASH: Cash rate unchanged

The Reserve Bank today left the Official Cash Rate unchanged at 5.75%.

Thursday, January 23rd 2003, 9:21AM

Commenting is closed

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BNZ - Green Home Loan top-ups
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BNZ - TotalMoney
CFML Loans
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China Construction Bank Special
Co-operative Bank - First Home Special
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Credit Union Auckland
First Credit Union Special
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Heartland Bank - Reverse Mortgage
Heretaunga Building Society
HSBC
HSBC Premier
HSBC Premier LVR > 80%
HSBC Special
ICBC
Kainga Ora
Kainga Ora - First Home Buyer Special
Kiwibank
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Kiwibank - LVR >80%
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Resimac - LVR < 90%
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