Reserve Bank leaves OCR unchanged – ‘prolonged stimulus necessary’

Reserve Bank Governor Adrian Orr has announced the official cash rate will stay unchanged at 0.25 per cent, in line with market expectations, NZ Herald file photo, Mark Mitchell

The Reserve Bank has left the Official Cash Rate on hold at 0.25 per cent in its first Monetary Policy Statement for the year.

In the statement, released at 2pm, Reserve Bank Governor Adrian Orr said prolonged monetary stimulus was necessary and the outlook “remained highly uncertain”.

The dollar fell 20 basis points (0.2c) immediately after the announcement.

The RBNZ’s quantitative programme (Large Scale Asset Purchase (LSAP) Programme of up to $100 billion) and its Funding for Lending Programme (FLP) operation were also left unchanged.

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