The Reserve Bank of New Zealand (RBNZ) came out with a statement on Monday, citing the term lending facility will be available to banks from May 26.
Under the facility, reserve bank to offer to lend funds to banks at an official cash rate of 0.25%, fixed for 3 years.
The facility will be available to use for six months.
The kiwi dollar fails to show any reaction to the above statement, as NZD/USD extends its recovery to 0.6040, still down 0.48% on the day.
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