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RBNZ's Wheeler says rate cut still possible this year

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Investing.com -

Investing.com - The Reserve Bank of New Zealand may cut the official cash rate again this year, Governor Graeme Wheeler said Wednesday.

New Zealand's growth prospects are positive and the balance of risks are to the downside, Wheeler said in his annual speech to Canterbury business.

"The outlook for the New Zealand economy looks positive with the growth forecast to increase to an annual rate of 3% and inflation projected to move back within the target band," Wheeler said.

"However, there are greater uncertainties around the economic outlook than normal and the balance of risks lies on the downside. Foremost among these risks are the difficult external environment, weak commodity prices and unusually strong net migration flows," he said.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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