{"id":22724,"date":"2011-07-28T14:27:00","date_gmt":"2011-07-28T18:27:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?guid=0710c6c821fc9806a59c548962161d52"},"modified":"2011-07-28T14:27:00","modified_gmt":"2011-07-28T18:27:00","slug":"reserve-bank-of-new-zealand-holds-ocr-at-2-50","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/07\/28\/reserve-bank-of-new-zealand-holds-ocr-at-2-50\/","title":{"rendered":"Reserve Bank of New Zealand Holds OCR at 2.50%"},"content":{"rendered":"<p><span class=\"Apple-style-span\" style=\"font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\"><span class=\"Apple-style-span\" style=\"font-family: verdana, sans-serif;\">The<a href=\"http:\/\/www.rbnz.govt.nz\/\" style=\"color: #3778cd; text-decoration: none;\">&nbsp;Reserve Bank of New Zealand<\/a>&nbsp;held the Official Cash Rate (OCR) unchanged at 2.50%, but signaled plans to increase the rate. &nbsp;The Bank Said:&nbsp;<span class=\"Apple-style-span\" style=\"line-height: 15px;\">&#8220;Provided current global financial risks recede and the economy continues to recover, the Bank sees little need for the March 2011 &#8216;insurance&#8217; cut to remain in place much longer. &nbsp;The current very high value of the New Zealand dollar is acting as a drag on the New Zealand economy. &nbsp;If this persists, it is likely to reduce the need for further OCR increases in the short term.&#8221;<\/span><\/span><\/span><\/p>\n<div><span class=\"Apple-style-span\" style=\"font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\"><span class=\"Apple-style-span\" style=\"font-family: verdana, sans-serif;\"><\/span><\/span><br \/><a name='more'><\/a><\/div>\n<div><span class=\"Apple-style-span\" style=\"font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\"><span class=\"Apple-style-span\" style=\"font-family: verdana, sans-serif;\">Previously the Bank also <a href=\"http:\/\/www.centralbanknews.info\/2011\/06\/rbnz-holds-official-cash-rate-at-250.html\">held the&nbsp;OCR<\/a>&nbsp;steady at 2.50%, the Bank cut the rate by&nbsp;<a href=\"http:\/\/www.centralbanknews.info\/2011\/03\/reserve-bank-of-new-zealand-cuts-ocr.html\" style=\"color: #3778cd; text-decoration: none;\">50 basis points<\/a>&nbsp;in March this year, following the&nbsp;Canterbury&nbsp;earthquake. &nbsp;<span class=\"Apple-style-span\" style=\"line-height: 16px;\">New Zealand reported consumer price inflation of 5.3% in Q2 this year, up from 4.5% in Q1, and 4.0% in Q4 of 2010, and above the official inflation target of 1-3% as short term factors such as tax increases caused a spike in prices. &nbsp;The New Zealand dollar (NZD) has surged 20% over the past year; trading just beyond a record high of 0.87 against the US dollar.<\/span><\/span><\/span><\/div>\n<div><span class=\"Apple-style-span\" style=\"font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\"><span class=\"Apple-style-span\" style=\"font-family: verdana, sans-serif;\"><span class=\"Apple-style-span\" style=\"line-height: 16px;\"><br \/><\/span><\/span><\/span><\/div>\n<p><span class=\"Apple-style-span\" style=\"color: #3778cd; font-family: Verdana, Geneva, sans-serif; font-size: 12px; line-height: 16px;\"><a href=\"http:\/\/www.centralbanknews.info\/\">www.CentralBankNews.info<\/a><\/span><\/p>\n<div class=\"blogger-post-footer\"><img width='1' height='1' src='https:\/\/blogger.googleusercontent.com\/tracker\/8290544642025682538-1034105936240420137?l=www.centralbanknews.info' alt='' \/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;Reserve Bank of New Zealand&nbsp;held the Official Cash Rate (OCR) unchanged at 2.50%, but signaled plans to increase the rate. &nbsp;The Bank Said:&nbsp;&#8220;Provided current global financial risks recede and the economy continues to recover, the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-22724","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/22724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=22724"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/22724\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=22724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=22724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=22724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}