OCR unchanged

The Official Cash Rate remains at 2.5%.

Federated Farmers and other exporters have been caliing on Reserve Bank governor Alan Bollard to cut the rate again in the hope it would put some downward pressure on the value of the dollar.

But if an OCR at 2.5% isn’t lowering the attraction to the New Zealand dollar another small reduction would be unlikely to have any effect.

Bernard Hickey gives his view on Bollard’s statement at interest.co.nz

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