Official cash rate remains the same
The Reserve Bank Govenor Alan Bollard kept the official cash rate unchanged at 2.50% today, and dropped wording in his statement that rates could fall further.
This indicates speculation that borrowing costs could rise as soon as the economy recovers.
Bollards comments included "there are significant challenges and vunerabilities to be worked through globally, which could drag on the New Zealand economy, but there are welcome signs that our economy is growing again"
With any likely OCR increases the wording was similar to the last few announcements.
"We expect to leave the Official Cash rate at the current level until the second half of 2010.
Goodreturns.co.nz has further interesting information on the announcement.
Please do contact us at Greenlight and we can help you manage your mortgage, and address any concerns you may have about protecting yourselves against interest rate increases in the future
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