The Reserve Bank of New Zealand Monetary Policy Statement is now available.
There are no published forecasts, so the RBNZ doesn’t need to be prescriptive about when rate hikes expect to start, but the keynotes are as follows:
- The RBNZ leaves the official cash rate unchanged at 0.25% as expected …
- The Monetary Policy Committee agreed reduce the current stimulation level of the currency setting.
- Will stop shopping additional assets under the Large Scale Asset Purchase Program (LSAP) before July 23, 2021.
Press release
Reduced monetary stimulus
The Monetary Policy Committee agreed to reduce the current level of stimulation of the monetary configuration to meet its consumer price and employment objectives in the medium term.
The Reserve Bank will stop the purchases of additional assets under the Large Scale Asset Purchase (LSAP) program by July 23, 2021. The Committee will maintain the Official Cash Rate (OCR) at 0.25% and the Financing for Loans without changes.
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