13.11.201901:16:00UTC+00New Zealand CB Unexpectedly Holds Key Rate Unchanged

New Zealand's central bank left its key interest unchanged on Wednesday, defying expectations for a reduction, citing downside risks to the economy in the near term amid subdued growth.

The Monetary Policy Committee decided to keep the Official Cash Rate (OCR) at 1.0 percent, the Reserve Bank of New Zealand said in a statement. Economists had expected a quarter point reduction to 0.75 percent.

The previous change in the rate was a half a point cut in August this year. The bank has lowered the rate twice this year. In May, the rate was slashed by a quarter basis points.