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September, 29, 2016

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New Zealand keeps interest rates at record-low 2% but warns cuts likely

WELLINGTON -- New Zealand's central bank left interest rates at a record low of 2.0 percent Thursday but warned more cuts were likely.

The decision was widely expected after the Reserve Bank of New Zealand trimmed its base rate by 0.25 points in August.

"Monetary policy will continue to be accommodative," Governor Graeme Wheeler said in a statement.

"Our current projections and assumptions indicate that further policy easing will be required to ensure that future inflation settles near the middle of the target range."

Annual inflation was 0.4 percent in the second quarter and has stubbornly remained below the central bank's 1.0-3.0 percent target for seven quarters.

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