The Reserve Bank has this morning announced it is keeping the official cash rate (ORC) as it was at 1.75 per cent, stating "recent economic growth has moderated".
Kiwi economists had widely predicted the rate would not change.
Reserve Bank Governor Adrian Orr said robust global growth and a lower New Zealand dollar exchange had dictated the decision.
"We expect to keep the OCR at this level through 2019 and into 2020, longer than we projected in our May Statement. The direction of our next OCR move could be up or down," Mr Orr said in a statement.
"While recent economic growth has moderated, we expect it to pick up pace over the rest of this year and be maintained through 2019."
In May this year, Mr Orr also decided to keep the official cash rate at 1.75 per cent amid "unprecedented" employment growth.
The official cash rate (OCR) is the term for the bank rate in New Zealand and is the rate of interest which the central bank charges on overnight loans to commercial banks.
This cash rate then allows the Reserve Bank of New Zealand to adjust the interest rates accordingly.
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