New Zealand's new central bank governor on Thursday said he has started his job with the economy in a sweet spot thanks to robust growth, high levels of employment and low inflation. Reserve Bank Governor Adrian Orr delivered his first major assessment of the economy in an appearance that was closely scrutinized by economists and currency traders. He elected to keep the nation's benchmark interest rate at a low 1.75 percent, saying it would likely stay at that level for a long time to come. Here are some highlights of Orr's first monetary policy statement:———INTEREST RATES: Orr said the chances are balanced that the next interest rate movement would be up or down. ———COMMUNICATION: Orr said a recent survey showed that most people had no idea what the central bank did, something he hoped to change.

Source: ABC News May 10, 2018 02:46 UTC