OCR保持不变 3.5%

今早新西兰中央银行行长Graeme Wheeler发布声明:官方贴现率OCR维持不变,仍是3.5%,原因是全球经济仍以较缓和的速度增长,尽管美国增长比较强,但其他主要经济主体都呈放缓状态。央行决定静观,A period of assessment remains appropriate before considering further policy adjustment.




Date    30 October 2014

OCR unchanged at 3.5 percent

Statement issued by Reserve Bank Governor Graeme Wheeler:

The Reserve Bank today left the Official Cash Rate unchanged at 3.5 percent.

The global economy is growing at a moderate rate although recent data suggests some softening in the major economies, apart from the United States.  Monetary policy is expected to remain supportive for longer in all the major economies.

Growth in the New Zealand economy has been faster than trend over 2014, reducing unemployment and adding to demands on productive capacity.  Strong construction sector activity, high net immigration, and interest rates, which remain low by historic standards, continue to support the expansion.  Output growth is expected to moderate over coming years, towards a more sustainable rate.

Lower commodity prices and increased global financial market volatility have taken some pressure off the New Zealand dollar.  However, its current level remains unjustified and unsustainable and continues to constrain growth in the tradables sector.  We expect a further significant depreciation.

CPI inflation remains modest, and was 1 percent in the year to September.  Contributing factors are subdued wage inflation, well-anchored inflation expectations, weak global inflation, falls in oil prices, and the high New Zealand dollar.  House price inflation has fallen significantly since late-2013, in part due to interest rate increases and the LVR restrictions.

The economy appears to be adjusting to the policy measures undertaken by the Bank over the past year.  CPI inflation is currently at a low level despite above-trend growth.  However, inflation is expected to increase as the expansion continues.  A period of assessment remains appropriate before considering further policy adjustment.


Media Contact:

Mike Hannah, Head of Communications

Ph: 04 471 3671; mob: 021 497 418, mike.hannah@rbnz.govt.nz

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