September 26, 2018 / 9:14 PM / a year ago

RBNZ holds rates at 1.75 pct, plans to stay there into 2020

WELLINGTON, Sept 27 - The Reserve Bank of New Zealand (RBNZ) on Thursday held interest rates steady at a record low and said they would likely remain at that level into 2020.

“Consumer price inflation remains below the 2 percent mid-point of our target, necessitating continued supportive monetary policy,” RBNZ Governor Adrian Orr said in a statement.

The bank held the official cash rate at 1.75 percent for the thirteenth time in a row.

The New Zealand dollar initially jumped as high as $0.6676 from $0.6657 before the decision was released. The kiwi then pared some of its gains to trade around $0.6664. (Reporting by WELLINGTON NEWSROOM and SYDNEY NEWSROOM; editing by G Crosse)

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