Central Banks

Reserve Bank of New Zealand Monetary Policy Statement and media conference

  • Due on Wednesday 12 August 2020  at 0200GMT

Earlier post:

An extract from BNZ’s what to expect:

We think the most likely outcome is that the Bank keeps its QE bond buying limit unchanged for now, at $60b. 

  • The Bank still has plenty of capacity left under the existing programme limit, having accumulated around $24b in government and LGFA bonds to date. 
  • We think the Bank is likely to defer a decision on whether to extend the programme beyond May 2021 to later in the year, when it will have better visibility on the economic outlook, after the end of the current wage subsidy scheme (the government announced a new scheme over the weekend which is much more targeted than the current one). 

Either way, the RBNZ is almost certain to retain an easing bias. 

RBNZ Governor Orr:

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