“The economic activity since August domestically and internationally has been more resilient than earlier assumed,” said the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr while speaking at the post-monetary policy decision press conference on Wednesday.

Additional quotes

“Inflation and employment have been below target for a long time. “

“We expect banks to lend responsibly and avoid undue risks.” 

“We are starting from a better position because the domestic economy has proved more resilient.”

“At this point it still is important that credit is widely available, spending and employment is promoted.”

“Expects to see pass through in lending rates to be full and wholesome.”

Separately, an RBNZ official said that the size of FLP program NZD28 billion.

Market reaction

NZD/USD extends the post-RBNZ decision rally towards 0.6900 on the upbeat comments from Governor Orr.

The spot jumps 0.60% to the highest levels since April 2019 at 0.6869, as of writing.

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