Reserve Bank of New Zealand

Declines in Kiwi, Ruble and Turkish Lira

August 9, 2018

The dollar advanced overnight by 1.6% against the New Zealand dollar, 0.9% versus the Russian ruble, and some 2.5% vis-a-vis the Turkish lira. Not only did the latest review of New Zealand monetary policy end with leaving the Official Cash Rate at 1.75%, half its level prior to the June 2015 first of 7 reductions, […] More

No Plans to Lift New Zealand’s Official Cash Rate Anytime Soon

June 28, 2018

The best contribution we can make to maximising sustainable employment, and maintaining low and stable inflation, is to ensure the OCR is at an expansionary level for a considerable period. So concludes today’s Reserve Bank of New Zealand’s released statement following the decision to retain the OCR at a record low of 1.75%. The OCR […] More

Reserve Bank of New Zealand

May 10, 2018

A more dovish than expected statement released after New Zealand’s official cash rate (OCR) was kept at 1.75% predicts that “a considerable period of time” will pass before the OCR is raised and even asserts that, “The direction of our next move is equally balanced, up or down. Only time and events will tell.” Seven […] More

Reserve Bank of New Zealand Cash Rate Remains 1.75%

March 22, 2018

Seven consecutive cuts in the Official Cash Rate between June 2015 and November 2016 halved such to 1.75%, and a statement following the latest policy review opines that the stance is likely to remain accommodative “for a considerable period” longer. Partly because of weather, economic growth last quarter was slower than expected, but central bank […] More

Reserve Bank of New Zealand

February 8, 2018

New Zealand’s Official Cash Rate was left at 1.75%. In seven increments of 25 basis points, such was halved between June 2015 and November 2016 and has been at 1.75% fifteen  months. A released statement from the central bank notes that inflation has been weaker than expected lately, projects a rise of inflation in the […] More

Reserve Bank of New Zealand

November 9, 2017

CPI inflation is projected to remain near the midpoint of the target range, and longer-term inflation expectations are well anchored at 2 percent. Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly. So concludes a statement from Governor Spencer after the Official Cash Rate was […] More

Reserve Bank of New Zealand

September 28, 2017

New Zealand’s official cash rate has been at a record low of 1.75% since a 25-basis point reduction in November 2016, and that’s only half as high as the 3.50% peak maintained from July 2014 until June 2015. Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to […] More

U.S. Tax Reform Details Extend Rise in Sovereign Debt Yields

September 28, 2017

Ten-year sovereign debt yields climbed additionally overnight by 3 basis points in the U.S., Japan and Germany and 2 bps in Great Britain. The dollar see-sawed. On balance, it advanced 0.4% against the Australian dollar and Chinese yuan and by 0.2% versus the Swiss franc, but it slipped 0.2% against the euro and 0.1% relative […] More

Reserve Bank of New Zealand Retains 1.75% Official Cash Rate as Expected

August 9, 2017

The last of seven straight 25-basis point interest rate cuts was implemented eight months. This cycle began in June 2015 after nearly a year in which the official cash rate crested at 3.5%. A released statement, like the one before released in June, suggests the policy bias in the short term leans toward further ease. […] More

Reserve Bank of New Zealand Policy Rate Unchanged

June 22, 2017

From a high of 3.5% between late July 2014 and mid-June 2015, the RBNZ’s official cash rate was cut in half via seven 25-basis point reductions. The last of these occurred in November 2016 and left the OCR at its current 1.75% level. A statement released following the latest policy review defends continuing an accommodative […] More

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