New Zealand central bank governor says economy in sweet spot

WELLINGTON, New Zealand — New Zealand’s new central bank governor says he has started his job with the economy in a sweet spot thanks to robust growth, high levels of employment and low inflation.

Reserve Bank Governor Adrian Orr on Thursday delivered his first major assessment of the economy in an outing that was closely scrutinized by economists and currency traders. Orr included kid’s clip art in his presentation and promised to make the bank’s work more accessible to everyday folk.

He elected to keep the nation’s benchmark interest rate at a low 1.75 per cent, saying it would likely stay at that level for a long time to come.

The New Zealand dollar dropped by about half a U.S. cent after his announcement, and was trading at about $0.69.