RBNZ's Bascand: Asked banks to be ready by end of year for negative rates
|We have asked banks to be ready for negative rates by year-end, said the Reserve Bank of New Zealand (RBNZ) Deputy Governor Geoff Bascand, speaking alongside Governor Adrian Orr at the press conference.
Orr continues to speak, now noting that “the next 12-plus months are going to be very tough for the global economy.”
More comments
"Do not have any influence over the level of the NZ$."
"Not looking for a "V" shaped recovery, recovery will take a long period."
"There are limits to negative rates, hard to know in advance."
NZD/USD eyes 0.6000
The kiwi is accelerating its decline and looks to test the 0.6000 support as the option of negative interest rates seems well on the cards for the central bank.
At the press time, NZD/USD trades at 0.6020, down 0.82% so far.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.