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RBNZ |
Written by Reserve Bank of New Zealand |
Jan 27 10 19:07 GMT |
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The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5 percent. Reserve Bank Governor Alan Bollard said: “The outlook for the New Zealand economy remains consistent with the projections underlying the December Monetary Policy Statement. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Dec 09 09 19:07 GMT |
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The Official Cash Rate (OCR) remains unchanged at 2.5 percent. Reserve Bank Governor Alan Bollard said: “The New Zealand economy continues to recover but there remains considerable uncertainty about the durability of the expansion. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Oct 28 09 20:15 GMT |
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The Official Cash Rate (OCR) remains unchanged at 2.5 percent. Reserve Bank Governor Alan Bollard said: “There are welcome signs that economic activity is growing again. “Activity in New Zealand’s trading partners continued to rebound during the September quarter and financial market sentiment has improved further. However, there remain significant vulnerabilities and challenges to be worked through in many economies. This process could weigh on global growth going forward. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Sep 09 09 21:05 GMT |
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The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5 percent. Reserve Bank Governor Alan Bollard said: “There is more evidence that the decline in economic activity is coming to an end, and that a patchy recovery is underway. “This is partly due to recovery in our trading partner economies in the June quarter and these look likely to continue expanding in the short term. Domestically, retail spending appears to have stopped falling, following a rise in net immigration and a pick-up in the housing market over recent months. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Jul 29 09 21:16 GMT |
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The Official Cash Rate (OCR) will remain unchanged at 2.50 percent. Reserve Bank Governor Alan Bollard said: “Despite signs of a leveling off in economic activity, the economy remains weak. We continue to expect to see a patchy recovery get underway toward the end of the year, but it will be some time before growth returns to healthy levels. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Jun 10 09 21:15 GMT |
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The Official Cash Rate (OCR) will remain unchanged at 2.50 percent. Reserve Bank Governor Alan Bollard said: “The economic outlook remains weak both in New Zealand and in other countries. However, there are signs that international economic activity is stabilising, and international financial conditions are improving. We expect the New Zealand economy to begin growing again toward the end of this year but the recovery is likely to be slow and fragile. Many key economic indicators such as unemployment are projected to keep deteriorating well into 2010. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Apr 29 09 21:11 GMT |
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The Reserve Bank today reduced the Official Cash Rate (OCR) by 50 basis points to 2.5 percent. Reserve Bank Governor Alan Bollard said: "Overall, developments since March point to lower medium-term inflation than previously projected. The main factors behind this are weaker global growth, and an unwarranted tightening in financial conditions via both higher long-term interest rates and a stronger exchange rate than expected. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Mar 11 09 20:29 GMT |
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The Reserve Bank today reduced the Official Cash Rate (OCR) by 50 basis points to 3 percent. Reserve Bank Governor Alan Bollard said: "The world economy deteriorated very rapidly late last year, amid ongoing losses and extreme volatility in international financial markets. While monetary and fiscal policy responses in many countries have been substantial we still expect the adverse economic forces generated by the crisis to remain dominant throughout 2009. The timing and extent of global recovery remain highly uncertain. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Jan 28 09 19:10 GMT |
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The Reserve Bank today reduced the Official Cash Rate (OCR) from 5.0 percent to 3.5 percent. Reserve Bank Governor Alan Bollard commented that “the news coming from our trading partners is very negative. The global economy is now in recession and the outlook for international growth has been marked down considerably since our December Monetary Policy Statement. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Dec 03 08 19:11 GMT |
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The Reserve Bank today reduced the Official Cash Rate (OCR) from 6.5 percent to 5.0 percent. Reserve Bank Governor Alan Bollard commented that "ongoing financial market turmoil and the marked deterioration in the outlook for global growth have played a large role in shaping today's decision. Activity in most of our trading partners is now expected to contract or grow only very slowly over the next few quarters. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Oct 22 08 20:15 GMT |
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The Reserve Bank today reduced the Official Cash Rate (OCR) from 7.5 percent to 6.5 percent. Reserve Bank Governor Alan Bollard commented that "ongoing financial market turmoil and a deteriorating outlook for global growth have played a large role in shaping today's decision. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Sep 10 08 21:36 GMT |
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The Reserve Bank today reduced the Official Cash Rate (OCR) by 50 basis points from 8.0 percent to 7.5 percent. Reserve Bank Governor Alan Bollard said: “The New Zealand economy is experiencing a marked slowdown, led primarily by the household sector. The outlook for the global economy has deteriorated further in the wake of continued financial market turmoil. In addition, the New Zealand business sector is coming under pressure from both rising costs and falling demand. While domestic activity is likely to pick up late this year as a result of personal tax cuts, increased government spending and rising rural incomes, we expect a prolonged period of household sector adjustment and below-average growth. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Jul 23 08 21:18 GMT |
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The Reserve Bank today reduced the Official Cash Rate (OCR) from 8.25 percent to 8.0 percent. Reserve Bank Governor Alan Bollard commented that "more unpleasant international news has emerged since the June Monetary Policy Statement, and there is a risk that the domestic economy will slow further. Moreover, the cost of funds raised abroad by banks has been rising in recent months as the international financial situation has deteriorated. Today's cut will help to mitigate the effect of these increases on the actual borrowing costs paid by firms and households. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Jun 04 08 21:06 GMT |
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Reserve Bank Governor Alan Bollard said: "The global economy is currently experiencing significant increases in oil and food prices. These price increases are occurring at the same time as activity is weakening in many economies in response to the global credit crisis and slowing housing markets. In New Zealand, this confluence of factors is producing a challenging environment of weak activity and high inflation. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Apr 23 08 21:03 GMT |
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Reserve Bank Governor Alan Bollard said: “Economic activity has weakened more markedly than expected in the Bank's March Monetary Policy Statement. There have been sharp falls in consumer and business sentiment, exacerbated by tighter credit conditions, a further decline in the housing market and weaker prospects for world growth. Financial market turbulence around the world continues to add to an uncertain economic environment. Further, the very dry summer is also weakening short-term growth prospects. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Mar 05 08 20:07 GMT |
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Reserve Bank Governor Alan Bollard said: “The outlook for economic activity has deteriorated somewhat since we reviewed the OCR in January. The main reasons are weaker prospects for world growth, tighter credit conditions, a sharper-than-expected slowing in the housing market, and recent dry weather conditions. On balance, we now expect GDP growth of around 2 percent over the next three years. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Jan 25 08 16:43 GMT |
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All economies face 'shocks' unexpected events provoking some sort of response. Shocks affect households and firms at the micro level, and the path of economic growth and inflation at the macro level. For a small and open economy like New Zealand, many of the shocks shaping economic activity have an international dimension, and this turbulence is part and parcel of the economic landscape. New Zealand's economic institutions and policymaking frameworks recognise this volatility, and over time, they have responded in a manner which has improved the overall resilience of the New Zealand economy to most shocks. Indeed, the last ten years has been a period of relatively stable inflation outcomes both in New Zealand and globally, due in no small manner to the efforts of monetary policy in pursuing the mandate of price stability. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Jan 23 08 21:29 GMT |
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The Official Cash Rate (OCR) will remain unchanged at 8.25 percent. Reserve Bank Governor Alan Bollard said: “The outlook for the New Zealand economy remains broadly consistent with the view outlined in the December Monetary Policy Statement. While the housing market continues to cool, the labour market remains tight, domestic income growth is still strong, especially from dairy, and core inflationary pressures persist. |
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RBNZ |
Written by Reserve Bank of New Zealand |
Dec 06 07 10:23 GMT |
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The Official Cash Rate (OCR) will remain unchanged at 8.25 percent. Reserve Bank Governor Alan Bollard said: “Economic activity has occurred largely as outlined in the September Monetary Policy Statement. Capacity pressures – particularly in the labour market – remain significant, while the housing market has clearly slowed. A substantial income boost is still expected to occur through 2008, as recent dairy price gains reach farmers. |
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