Investing.com – The Reserve Bank of New Zealand left its benchmark interest rate unchanged at 3.00%, following two consecutive monthly increases, it announced late Wednesday.
In a statement, that bank said it was leaving its overnight cash rate unchanged at 3.00%, in line with expectations.
Commenting on the decision RBNZ Governor Alan Bollard said "the outlook has weakened since our June statement," adding that the recent earthquake had significantly disrupted economic activity and was likely to do so for some time.
He also noted that the pace of global economic growth appeared to have slowed, with U.S. growth indicators "deteriorating noticeably."
Following the announcement New Zealand's dollar was down against it's U.S. counterpart, with NZD/USD shedding 0.71% to hit 0.7262.
In a statement, that bank said it was leaving its overnight cash rate unchanged at 3.00%, in line with expectations.
Commenting on the decision RBNZ Governor Alan Bollard said "the outlook has weakened since our June statement," adding that the recent earthquake had significantly disrupted economic activity and was likely to do so for some time.
He also noted that the pace of global economic growth appeared to have slowed, with U.S. growth indicators "deteriorating noticeably."
Following the announcement New Zealand's dollar was down against it's U.S. counterpart, with NZD/USD shedding 0.71% to hit 0.7262.