Following is a reformatted text of Reserve Bank of New Zealand Governor Graeme Wheeler’s statement in Wellington today after leaving the official cash rate unchanged at 3.5%.
“The Reserve Bank today left the Official Cash Rate unchanged at 3.5 percent.
The global economy continues to grow at a moderate pace, though recent data suggest a softening in major economies other than the United States. Inflation remains below target in most of the advanced economies due to spare capacity and declining commodity prices. Monetary policy is expected to remain very supportive for some time.
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