RBNZ Leaves OCR Unchanged At 2.50%

(RTTNews) - The Reserve Bank of New Zealand Thursday left its benchmark Official Cash Rate unchanged at 2.50 percent, and said the rate is likely to remain low through the rest of the year.

"Growth in the New Zealand economy is picking up and, although uneven, is becoming more widespread across sectors," said RBNZ Governor Graeme Wheeler in a statement accompanying the decision announcement."Although removal of monetary stimulus will likely be needed in the future, we expect to keep the OCR unchanged through the end of the year."

The Official Cash Rate has been 2.50 percent since March 2011.

"The global outlook remains mixed, with the euro area still in recession and signs of slower growth in China and Australia, but more positive recent indicators in the United States and Japan," added Wheeler. "Global debt markets have become more cautious due to uncertainty around the Federal Reserve's anticipated exit from quantitative easing."