WELLINGTON, March 14 (Xinhua) -- New Zealand's Reserve Bank on Thursday left the Official Cash Rate (OCR) unchanged at a record low of 2.5 percent.
Reserve Bank Governor Graeme Wheeler said he plans to keep it at that level until the end of the year.
Wheeler said in a statement that the economic recovery is uneven - demand and production is expanding but the labour market remains weak.
He pointed out the rebuild of Christchurch is picking up pace and housing investment is rising, along with business and consumer confidence.
Wheeler also warned about rising house prices, particularly in Auckland, saying he didn't want to see that spill over into higher inflation.
On the other hand, he noted the overvalued New Zealand dollar is undermining profitability in the export and import sectors.
He also mentioned the drought conditions are creating difficulties in much of the country.
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