Next Reserve Bank of New Zealand decision
February RBNZ meeting review
The Reserve Bank of New Zealand (RBNZ) left the Official Cash Rate (OCR) unchanged at 1.75 percent. It also released the quarterly Monetary Policy Statement. The RBNZ maintained its forecast for rates to rise in Q2 2019. They see that numerous uncertainties remain in place. Regarding inflation, they see CPI reaching 2% during Q3 2020 (compared to Q2 2018 of the previous statement). Growth forecasts were revised slightly lower.
Markets had been expecting the RBNZ to recognise the improvements in the economy, dairy prices and how the economy is on track to meeting the RBNZ's 2% inflation target.
RBNZ Assistant Governor McDermott has warned that central bank could use different language if the NZD exchange rate appreciates on a trade-weighted index (TWI) basis.
What is the RBNZ
The Reserve Bank of New Zealand is New Zealand's central bank. Like most central banks, the Reserve Bank is primarily a policy organisation, and exists to do three main things: formulate and implement monetary policy to maintain price stability, promote the maintenance of a sound and efficient financial system and meet the currency needs of the public.
Who is RBNZ's president?
Grant Spencer is Acting Governor for the Bank. His tenure in leading the Bank became effective on 27 September 2017 and will end on 26 March 2018. His tenure covers the post-election period while the next Government makes a permanent appointment. Previously Grant held the position of Deputy Governor and Head of Financial Stability from April 2007 until September 2017. Grant's previous positions include: Assistant Governor and Head of Economics at the Reserve Bank; senior treasury and strategy positions at ANZ Banking Group; and Alternate Executive Director at the International Monetary Fund. He currently serves as chair of the OECD's Committee on Financial Markets.
Interest rates latest news
The World Interest Rates Table
The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.