The Reserve Bank of New Zealand (RBNZ) left the country's overnight cash rate (OCR) unchanged at 1.75%, as markets broadly anticipated, and the RBNZ's overall outlook for the domestic New Zealand economy remains steady with the central bank's previous releases, though a spark of hopefulness in employment gains may see headwinds from global trade tensions, leaving the RBNZ in an accommodative stance for the time being.
Analysts at ANZ note that the RBNZ left the OCR at 1.75%, as universally expected as they retained a consistent message, reiterating that the next move in the OCR could be “up or down” and that they expect to keep the OCR at “an expansionary level for a considerable period”.
The Reserve Bank of New Zealand is New Zealand's central bank. Like most central banks, the Reserve Bank is primarily a policy organisation, and exists to do three main things: formulate and implement monetary policy to maintain price stability, promote the maintenance of a sound and efficient financial system and meet the currency needs of the public.
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Grant Spencer is Acting Governor for the Bank. His tenure in leading the Bank became effective on 27 September 2017 and will end on 26 March 2018. His tenure covers the post-election period while the next Government makes a permanent appointment. Previously Grant held the position of Deputy Governor and Head of Financial Stability from April 2007 until September 2017. Grant's previous positions include: Assistant Governor and Head of Economics at the Reserve Bank; senior treasury and strategy positions at ANZ Banking Group; and Alternate Executive Director at the International Monetary Fund. He currently serves as chair of the OECD's Committee on Financial Markets.
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.