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RPT-RBNZ keeps rates unchanged, says lower NZ$ needed

Published 10/08/2017, 07:19 am
Updated 10/08/2017, 07:20 am
© Reuters. RPT-RBNZ keeps rates unchanged, says lower NZ$ needed

WELLINGTON, Aug 10 (Reuters) - New Zealand's central bank on Thursday kept interest rates steady at record lows of 1.75 percent as widely expected and said they would remain accommodative for a considerable period.

It said non-tradable inflation remains moderate but is expected to increase gradually as capacity pressure increases.

The central bank also said a lower New Zealand dollar NZD= would be favourable.

"The trade-weighted exchange rate has increased since the May Statement, partly in response to a weaker U.S. dollar," RBNZ Governor Graeme Wheeler said in a statement.

"A lower New Zealand dollar is needed to increase tradables inflation and help deliver more balanced growth."

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