India, July 9 -- The Reserve Bank of New Zealand left its benchmark interest rate unchanged on Wednesday citing elevated level of uncertainty and near-term risks to inflation.
The Monetary Policy Committee, governed by Christian Hawkesby, decided to hold the Official Cash Rate at 3.25 percent.
The bank has paused the easing cycle for the first time since it started cutting rates in August 2024. The current borrowing cost is the lowest level since August 2022.
Given the elevated level of uncertainty and the benefits of waiting until August in light of near-term inflation risks, policymakers called for keeping the OCR unchanged at this meeting.
Some members highlighted that waiting would give time to assess whether weakness in the domesti...