“Ongoing financial market turmoil and a deteriorating outlook for global growth have played a large role in shaping today’s decision,” Reserve Bank of New Zealand governor Alan Bollard said.
“Should the outlook for inflation evolve as projected we would expect to lower the OCR further,” said Mr Bollard.
Mr Bollard said the financial market turmoil meant “economic activity in New Zealand would be further constrained, relative to the outlook presented in our September monetary policy statement, by these international developments”.
theaustralian.news.com.au
