28.06.201800:14:00UTC+00New Zealand Keeps Official Cash Rate Steady At 1.75%

The Reserve Bank of New Zealand on Thursday maintained its Official Cash Rate at the record low of 1.75 percent.

"However, we are well positioned to manage change in either direction - up or down - as necessary," RBNZ Governor Adrian Orr, said.

The decision was in line with expectations following a 0.25 percent rate cut in November 2016.

Looking ahead, global economic growth is expected to support demand for country's products and services.

Domestically, ongoing spending and investment, by both households and government, is expected to support growth, the bank noted.

CPI inflation is likely to increase in the near term due to higher fuel prices.