RBNZ to keep rates until next year

By @ibtimes on

New Zealand is suffering from the consequence of the earthquakes that hit the economy, where the Reserve Bank of New Zealand to keep the benchmark interest rates until next year, as the nation is witnessing the most earthquakes in 8 decades that will lead the economic growth to recession during the first half of the year.

Moreover, New Zealand currency has declined yesterday against its major counterpart the U.S. dollar to the lowest level this year, as the market's expectations noted that the earthquake damage will extend the Reserve Bank of New Zealand's rate pause and increase the risk that the economy will shrink.

At mean time, the Bank has indicated that rebuilding process needs a revision, because of the construction costs may increase more than expected, also repair plans to update.

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