The RBNZ could raise the policy rate by 50 bps at next week’s meeting, commented Lee Sue Ann, Economist at UOB Group. “We had pencilled in another rate hike of 50bps only in Aug. But following the latest 1Q22 CPI data and RBNZ Governor Adrian Orr’s comments, we think that it is now likely that the RBNZ will hike by another 50bps at the May meeting, which will include a Monetary Policy Statement (MPS)," noted.
The RBNZ's governor Orr is crossing the wires and has stated that he doesn't see stagflation as a core risk. In other comments, he said ''it's business as usual'' on monetary policy and the central banks have ''no regrets on monetary policy,'' and that he is ''proud of where we are''.
The Reserve Bank of New Zealand released its May 2022 Financial Stability Report. Reuters posted key notes from the reports follows: The New Zealand financial system remains well placed to support the economy.
The RBNZ has hiked the OCR by 25bps and sees headline inflation above 5% in the near term with the projections showing the cash rate rising to 2% by end of 2022. The statement also said that it would be appropriate to continue reducing stimulus.
At its October monetary policy meeting, the Reserve Bank of New Zealand (RBNZ) board members decided to raise the Official Cash Rate (OCR) from a record low of 0.25% to 0.50%, as widely expected.
The Reserve Bank of New Zealand (RBNZ) board members decided to maintain the Official Cash Rate (OCR) at a record low of 0.25% in August, as against market expectations of a 25bps hike.
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.
The official website, on Twitter and YouTube
Adrian Orr is the Governor of the Reserve Bank of New Zealand. He was appointed in March 2018. He is New Zealand born and bred, and primarily of Cook Island and Irish descent. Adrian graduated from the University of Waikato in 1983 with a Bachelor of Social Sciences, majoring in Economics and Geography. He also holds a Master’s Degree in Development Economics (Distinction) from the University of Leicester, England, graduating in 1985. Adrian has also served as Chair of the International Forum of Sovereign Wealth Funds, and Chair of the Pacific Pension and Investment Institute.
Adrian official RBNZ profile
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.