The move was widely anticipated by economists.

The Reserve Bank's Monetary Policy Committee says economic growth is still weak

It says it is confident continuing to restrict the OCR - will get CPI back to the target one-to-three percent this calendar year.

>> More Business News

Other Business News

01 May: Economists say there's more pain to come in the labour market

01 May: Crusaders coach Rob Penney's confirmed David Havili's switch to first-five has been backed by All Blacks management and is far from a stop-gap measure

01 May: The Reserve Bank Deputy Governor's issuing a veiled warning about global inflation

01 May: Unemployment is continuing to rise

01 May: More delays for projects in Christchurch's Cathedral Square, with the future of The Grand now in doubt

01 May: New data reveals where Kiwis can pay off their mortgage the fastest

01 May: A property expert says now is a great time to enter the market, as nationwide prices stagnate

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Crusaders coach Rob Penney's confirmed David Havili's switch to first-five has been backed by All Blacks management and is far from a stop-gap measure More...

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Economists say there's more pain to come in the labour market More...

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