The Reserve Bank of New Zealand left its official cash rate/OCR unchanged at a record low of 0.25%
Policymakers said the balance of economic risks remains to the downside, despite a relaxation of social restrictions and an earlier resumption of domestic economic activity in the wake of the COVID-19 crisis.
The central bank added it is prepared to provide additional stimulus as well as potentially expanding the large scale asset purchase programme and the use of more monetary policy tools as needed.
The board agreed that the extent of the continued job losses and reduced activity remains uncertain, while noting that household and business confidence remains weak.