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RBNZ Monetary Policy statement
RBNZ Monetary Policy statement
The RBNZ left the
Official Cash Rate (OCR) unchanged at 2.25%.
Key Points
The outlook for global growth has deteriorated over recent months due to weaker growth in China and other emerging markets
Domestically, the economy is being supported by strong inward migration, construction activity, tourism, and accommodative monetary policy
Monetary conditions are extremely accommodative internationally
Financial market volatility has eased in recent weeks
There are many uncertainties around the outlook for global growth particularly around China
Headline inflation remains low, mostly due to low fuel and other import prices
Annual core inflation remains
within the target range
We expect inflation to strengthen
as the effects of low oil prices drop out and as capacity
pressures gradually build. Monetary policy will continue to
be accommodative. Further policy easing may be required to
ensure that future average inflation settles near the middle
of the target range. We will continue to watch closely the
emerging flow of economic
data.
ends
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