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The Reserve Bank of New Zealand said it is monitoring the pace of the country’s economic recovery to determine the next moves for its Official Cash Rate. Policymakers noted that growth could accelerate as the full effect of earlier interest-rate cuts filters through the economy, loosening financial conditions. Additional data on how quickly activity rebounds will guide future decisions, the central bank added, signalling that the trajectory of the OCR remains conditional on incoming evidence. The comments suggest the RBNZ is prepared to adjust policy if the recovery gains momentum faster than previously expected.
