RBNZ Monetary Policy Statement

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The Reserve Bank today reduced the Official Cash Rate (OCR) by 25 basis points to 2.5 percent. Globally, economic growth is below average and inflation is low, despite highly stimulatory monetary conditions. Financial markets remain concerned about weaker growth in emerging economies, particularly in China. Markets are also focused on the expected tightening of policy in the United States and the prospect of an increasing divergence between monetary policies in the major economies. Growth in the New Zealand economy has softened over 2015, due mainly to lower terms of trade. Combined with increases in the labour supply from strong ... (full story)