The Reserve Bank of New Zealand released its interest rate decision on Wednesday. The Reserve Bank of New Zealand (RBNZ) kept its interest rate unchanged at 3.50%.

The central bank noted that New Zealand's economy has been grown faster than trend over 2014. The growth was driven by strong construction activity, high immigration and low interest rates.

The RBNZ pointed out that inflation remains low, but is expected to rise, while house price inflation has slowed significantly since late 2013.

The RBNZ Governor Graeme Wheeler reiterated the New Zealand dollar's strength is "unjustified and unsustainable". He also said that he expects a "further significant depreciation".

Wheeler added that "a period of assessment remains appropriate before considering further policy adjustment".