OCR may stay at 1.75pc until 2020

Auckland Mortgage Brokers

New Zealand’s benchmark interest rate could stay at a record low until 2020, but borrowers could still face rising mortgage rates driven by global protectionism.

In its first review statement of 2017, the Reserve Bank left the official cash rate (OCR) at 1.75 per cent, and indicated that it could sit unchanged for at least three years.

Governor Graeme Wheeler said that despite an economy which was performing strongly, it was likely that it would take time for inflation to return to a level which would make increasing the OCR necessary.

Here you can read more about NZ’s official cash rate and the current rate.

 

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