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28.01.2016 09:39

Reserve Bank of New Zealand keeps its monetary policy unchanged in January

The Reserve Bank of New Zealand (RBNZ) released its interest rate decision on Wednesday. The RBNZ kept its interest rate unchanged at 2.5% as widely expected by analysts.

The central bank hinted that further monetary policy easing is possible, but it will depend on the incoming economic data.

"Some further policy easing may be required over the coming year to ensure that future average inflation settles near the middle of the target range," the RBNZ Governor Graeme Wheeler said.

He noted that the inflation and the economic growth in New Zealand are expected to rise in 2016, adding that global growth, global financial market conditions, dairy prices, net immigration, and pressures in the housing market are risks to the outlook.

The RBNZ governor also said that a further depreciation of the New Zealand dollar was appropriate due to low export prices.

Wheeler noted that house price inflation in Auckland is a risk to financial stability.

The RBNZ lowered its interest rate to 2.50% from 2.75% in December.

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