The Reserve Bank has kept its benchmark interest rate unchanged at 1.5 percent, but warns further cuts may be coming to support a slowing economy.
Last month the Reserve Bank (RBNZ) cut the official cash rate (OCR) to 1.5 percent – the first cut in two and a half years.
At the time, RBNZ said the OCR cut was needed to spur spending as the global economic outlook worsens and domestic growth slows.
It said it had more room to drop the OCR but would only use it if inflation did not strengthen or the economy did not create more jobs.
