Today’s review is the first in nine evaluations that the central bank hasn’t further cut the OCR.

Reserve Bank Governor Alan Bollard says the economic outlook remains weak both in New Zealand and overseas, however there are signs that international economic activity is stabilising, and international financial conditions are improving.

The New Zealand economy is expected to begin growing again toward the end of this year, but the recovery is likely to be slow, with key economic indicators such as unemployment being projected to continue deteriorating well into 2010.

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Statistics New Zealand figures show unemployment rose to 115,000, or 5 percent, in March to reach its highest level in six years.

The OCR has been slashed from 8.25 percent to 2.5 percent between July 2008 and April this year. The cuts by the Reserve Bank have been suggested by some media sources as an attempt to breathe new life into a domestic economy facing the worst global economic crisis since World War II.

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Mr Bollard says the OCR could still move modestly lower over the coming quarters, staying at or below the current level through until late next year.