Reserve Bank

PHOTO: ROSS GIBLIN/STUFF No surprise this time from Reserve Bank governor Adrian Orr.

The Reserve Bank has left the official cash rate unchanged at 1 per cent, saying it was assuming the impact of the coronavirus would be short-lived.

The decision was expected by most economists, even though banks have slashed their near-term forecasts for New Zealand’s economic growth because of the spreading coronavirus outbreak.

The bank said it assumed the overall economic impact of the coronavirus outbreak on New Zealand would be of “a short duration” with most of the impacts in the first half of the year.


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