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New Zealand central bank maintains cash rate at 1.75%

New Zealand's central bank maintained its official cash rate at 1.75%, saying the move should allow inflation to gradually increase toward the target.

The Reserve Bank of New Zealand's Governor Adrian Orr said consumer price inflation remains below the 2% midpoint of the target, while economic growth and employment remain robust.

The bank said it expects ongoing spending and investment by households and government to support economic growth and employment demand, and emerging capacity constraints to boost business investment.

"The direction of our next move is equally balanced, up or down," Orr said. "Only time and events will tell."