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OCR cut to another record low

Author
Newstalk ZB Staff ,
Publish Date
Thu, 10 Nov 2016, 9:02AM
A new record low for our Official Cash Rate (Newspix)
A new record low for our Official Cash Rate (Newspix)

OCR cut to another record low

Author
Newstalk ZB Staff ,
Publish Date
Thu, 10 Nov 2016, 9:02AM

UPDATED 10.00am A new record low for our Official Cash Rate.

The Reserve Bank's just cut it down to 1.75 per cent - that's down 25 basis points.

The central bank was widely expected to carry out the cut.

It comes as inflation stays very low.

Reserve Bank Governor Graeme Wheeler's signalling monetary policy will continue to be accommodative.

He said current projections, and today's cut, will see growth strong enough to have inflation settle near the mid point of the Bank's target range.

However Mr Wheeler warns uncertainties remain, particularly in respect of the international outlook.

BNZ says it will not make any changes to its interest rates, despite the Reserve Bank's move.

It said it needs to attract more savers so rates need to stay steady.

The bank also says it needs money from overseas and the cost of that borrowing remains volatile.

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