RBNZ Governor Graeme Wheeler’s first OCR statement.
- Says global economy remains fragile.
- Says appropriate to hold rates for now.
- Global economy recovery dependent on policy implementation.
- Says high currency undermines export earnings.
- Says market sentiment has improved from earlier in the year.
- Says domestic GDP continues to expand at modest pace.
- Says high NZ$ encouraging import situation.
- Says fiscal consolidation restraining demand growth.
- Sees inflation heading back towards middle of target range.
- Says Canterbury quake reconstruction boosting construction.
- Says domestic housing market activity increasing as expected.
NZD/USD trading much higher at 0.8180/85 from 0.8150 prior to the release.
BBG headlines.
