RBNZ's Orr: Focussed on inflation and employment madates


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The Reserve Bank of New Zealand's Adrian Orr said that the central bank is solely focussed on inflation and employment mandates.

He says the central bank is in a sound position to continue to meet its mandate in the face of the covid-19 induced economic shock

Key remarks

Says monetary policy committee’s remit remains unchanged.

Says the multifaceted nature of the housing market necessitates a multipronged response.

Says there is still heightened health-related economic uncertainty.

Says house price volatility poses risks to New Zealand's financial system soundness.

Says monetary policy remains very stimulatory.

Says to achieve our mandate we still need stimulatory monetary conditions.

Market implications

House prices are a keen focus in the forex space gauging by the last time the central bank commented on how they intend to factor them into their policy decisions. The bird flew on the announcement.

Today, there has been no reaction to the comments, however.  

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