New Zealand's central bank holds rates at 0.25%, no change to asset purchase programme
WELLINGTON - New Zealand’s central bank held its official cash rate at 0.25%, as expected, on Wednesday, but warned monetary policy may need to provide significant economic support for a long time as the world grapples with the coronavirus pandemic.
However, RBNZ, struck a dovish note saying further stimulus may be needed and it was prepared to use additional tools like a Funding for Lending Programme , a negative OCR, and purchases of foreign assets. It is the fourth time the RBNZ has held rates this year, after stunning markets with a 75 basis points cut in an emergency meeting in March as COVID-19 broke out across New Zealand.
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