The Reserve Bank of New Zealand (RBNZ) Governor Graeme Wheeler said in a speech in Christchurch on Wednesday that interest rates will remain on hold "for some time". He added that the country's economic prospects were good, but the risks were "more complex".

Wheeler reiterated that the high New Zealand dollar remained "unjustified and unsustainable", despite the recent decline.

The RBNZ governor noted that the central bank expects a further significant depreciation.