New Zealand leaves interest rates at record low

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WELLINGTON: New Zealand’s central bank left interest rates at a record low of 2.25 percent on Thursday, in line with market expectations after a series of cuts.

The Reserve Bank of New Zealand said more cuts were still possible if inflation failed to reach its target range of 1.0 to 3.0 percent.

“Further policy easing may be required to ensure that future average inflation settles near the middle of the target range,” governor Graeme Wheeler said in a statement.

“We will continue to watch closely the emerging flow of economic data.”

The bank has cut its benchmark rate five times in the past 12 months, although inflation remains stubbornly low at 0.4 percent in the year to March 31.