The Monetary Policy Committee agreed to maintain the
current stimulatory level of monetary settings in order to
meet its consumer price inflation and employment objectives.
The Committee will keep the Official Cash Rate (OCR) at 0.25
percent, and the Large Scale Asset Purchase and Funding for
Lending programmes unchanged.
The global economic
outlook has continued to improve since the February
Monetary Policy Statement. Ongoing fiscal and
monetary stimulus are continuing to underpin the global
recovery in economic activity. However, economic uncertainty
remains elevated and divergences in economic growth both
within and between countries are significant. New
Zealand’s commodity export prices continue to benefit from