RBNZ Gov Orr says the risks to the rate outlook are balanced, up or down

Reserve Bank of New Zealand Governor Orr press conference

Follows the cash rate announcement earlier:

1. RBNZ leaves its cash rate on hold, as expected
2. NZD lower on the RBNZ dovish hold statement

Comments:

• NZD exchange rate has been lower, will boost exports
• Growth will pick up
• no rush to move on rates
• global inflation pressures beginning to rise

more to come

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Note, Orr will be speaking again later before a parliamentary committee. From 0100GMT