World Central Banks
The Reserve Bank of New Zealand left its official cash rate/OCR unchanged at a record low of 0.25%
Also bank maintained its large scale asset purchase (LSAP) programme at NZD 60 billion.
The Reserve Bank of New Zealand left its official cash rate/OCR unchanged at a record low of 0.25%
Policymakers noted that the domestic economy deteriorated since the previous meeting due to the coronavirus pandemic and projected that the sharp contraction in activity will likely reduce inflation and employment below the Bank’s objectives for several y...
The Reserve Bank of New Zealand unexpectedly cut its official cash rate by 75bps to a record low of 0.25%
Policymakers said that borrowing costs will remain at the current level for at least the next 12 months as the negative economic implications of the coronavirus pandemic continue to rise.
The Reserve Bank of New Zealand left its official cash rate/OCR unchanged at a record low of 1%
Policymakers said that low interest rates remain necessary to keep employment and inflation around the 2% mid-point of the target range.
Reserve bank of New Zeland
https://www.rbnz.govt.nz/The Reserve Bank of New Zealand (RBNZ) is the Central Bank of New Zealand. It was founded in 1939. It differs from Central Banks of other countries that it is fully owned by the local government.
The RBNZ must issue the national currency, control the foreign exchange reserves, fight against money laundering and fight against financing of terrorism. On a quarterly basis, the Bank collects financial statements from commercial banks of New Zealand.
Moreover, the responsibilities of the Central Bank include regulation of the key interest rate. A new key interest rate is set every 8 years. The key interest rate is used for determination of the interest rate for commercial banks when they deposit their funds or take loans from the Central Bank: -0.25% and +0.25% of the key interest rate, respectively.