WELLINGTON, Nov 14 (Reuters) - The Reserve Bank of New Zealand's (RBNZ) surprise decision to keep rates on hold will give more time for monetary stimulus to work its way though the economy, the bank's deputy governor, Geoff Bascand, said on Thursday.
The bank could reconsider its stance February, he added. "We basically made a call as a committee to bide our time for now and see how that plays out," Bascand told Reuters in an interview. "We get to make another decision in February but if we need to, we can move rates there."
On Wednesday, the RBNZ held rates at a record low of 1%, surprising the majority of economists polled by Reuters, who had forecast a cut of 25 basis point, and sparking a rally in the New Zealand dollar NZD=D4 .
