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Market Update: New Zealand Holds Rates
The Reserve Bank of New Zealand held its official cash rate (0CR) at a record low of 0.25 percent during its May meeting and left the Large Scale Asset Purchase (LSAP) Programme of up to $100 billion and the Funding for Lending Programme (FLP) operation unchanged. Policymakers said they would maintain its current stimulatory monetary settings until it is confident that consumer price inflation will be sustained near the 2% per year, and that employment is at its maximum sustainable level. While mentioning that the medium-term outlook for growth remains similar to the scenario presented in February, the board said they remained cautious, amid ongoing restrictions inactivity, the sectoral unevenness of recovery, and the weak level of business investment. Policymakers added that they were aware of price pressures due to disruptions to global raw material supplies, and higher oil prices. That said, the board viewed them as temporary and were expected to abate over the year. source: Reserve Bank of New Zealand [/s2If]
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