OCR unchanged at 2.5 percent

The Reserve Bank yesterday left the Official Cash Rate (OCR) unchanged at 2.5 percent.

Reserve Bank Governor Graeme Wheeler noted economic growth had slowed in recent months and outlined that “Repairs and construction in Canterbury continue to gather pace, and the housing market is strengthening, particularly in Auckland. Lower funding costs for New Zealand banks, along with increased competition for lending, have seen mortgage interest rates reduce.”