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The Reserve Bank of New Zealand (RBNZ) released its interest rate decision. The RBNZ kept its interest rate unchanged at 3.50%. This decision was widely expected by analysts.
The RBNZ Governor Graeme Wheeler said the strength of the kiwi is still "unjustified and unsustainable". He added that the central bank expects further significant depreciation.
Mr. Wheeler signalled that he will wait with future interest rates.
The RBNZ expects New Zealand's economy will expand at an annual pace of 3.7% over 2014. The country's economic growth "continues to be supported by increasing construction activity and ongoing strength in consumption and business investment", so the central bank.
New Zealand's central bank said that house price inflation continues to ease.
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