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)