Central Banks

RBNZ Chief Economist and External MPC Member Yuong Ha, speaking on:

  • Latest Monetary Policy Statement Explained Q&A

I doubt this will add much to what we have already been positing on the statement from last week, but you never know.

  • Reimposition of Auckland lockdown played a part in August policy decision and projections
  • Watching labour market very closely
  • asset purchase programme has been successful so far in lowering retail interest rates
  • not hostage to exchange rate but welcome ‘helpful support’ from that channel

(what that bolded jumble means is the RBNZ would like a lower nZD) 


  • negative rate decision contingent on the health of the economy; if and when the time comes we have those tool available
  • says the earliest we could implement negative rate operationally is early next year
  •  says reasonably strong evidence internationally that negative rates help in stimulating credit demand

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