RTTNews reports that New Zealand's central bank left its monetary policy unchanged on Wednesday, as widely expected.

The Reserve Bank of New Zealand decided to keep the Official Cash Rate at 0.25 percent and the Large Scale Asset Purchase at NZ$100 billion.

The committee agreed to retain its current expansionary monetary setting until consumer price inflation will be sustained at the 2 percent target, and that employment is at or above its maximum sustainable level.

The MPC said it is prepared to lower the benchmark rate if required.

The committee observed that short-term data continues to be highly variable as a result of the economic impacts of COVID-19.

Over the medium-term, the outlook remains highly uncertain, determined in large part by both health-related restrictions, and business and consumer confidence, the MPC said.