New Zealand's central bank slashes interest rates to record low

15/03/2020 11:19:00 PM

New Zealand's central bank slashes interest rates to record low

New Zealand's central bank slashes interest rates to record low

The RBNZ slashed its official cash rate by 75 basis points on Monday, in response to growing concerns over the coronavirus outbreak.

Very large text sizeThe Reserve Bank of New Zealand (RBNZ) slashed its official cash rate (OCR) by 75 basis points on Monday, in response to growing concerns over the coronavirus outbreak.The unexpected move came ahead of its scheduled policy decision meeting on March 25.

RBNZ governor Adrian Orr.Credit:David Paul MorrisThe bank cut the official cash rate to 0.25 per cent. The monetary policy committee agreed unanimously to keep the OCR at this level for at least 12 months, the bank said in its statement.The New Zealand dollar fell 1.4 per cent after the announcement.

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Larger text size Very large text size The Reserve Bank of New Zealand (RBNZ) slashed its official cash rate (OCR) by 75 basis points on Monday, in response to growing concerns over the coronavirus outbreak.Breaking down the latest news and research to understand how the world is living through an epidemic, this is the ABC's Coronacast."We do not take these decisions lightly," she said.Play video A statement from New Zealand Cricket read: “At 4.

The unexpected move came ahead of its scheduled policy decision meeting on March 25. RBNZ governor Adrian Orr. The news will have implications for a number of Australian sporting leagues and events, and already the remaining two games of Australia's three-match ODI series with New Zealand have been called off, as well as Australia's upcoming tour of the country. Credit: David Paul Morris The bank cut the official cash rate to 0. Credit: Getty Images Advertisement Ardern said the measure applied to people, and not goods, but exempt people arriving from the Pacific - a region largely devoid of the virus.25 per cent. The Government said it was taking what it called a"precautionary approach" because the event, scheduled for Sunday, was expected to attract a large crowd with many travelling from around New Zealand and from overseas. The monetary policy committee agreed unanimously to keep the OCR at this level for at least 12 months, the bank said in its statement.” Advertisement New Zealand Cricket said arrangements were being made for squad members to fly home on Saturday evening.

The New Zealand dollar fell 1. We're very saddened to cancel, but in remembering such a terrible tragedy, we shouldn't create the risk of further harm being done," Ms Ardern said. Thousands of people were expected to attend the Sunday service in Christchurch to mark the anniversary of the March 15 shooting.4 per cent after the announcement. Advertisement "The negative economic implications of the COVID-19 virus continue to rise warranting further monetary stimulus," the bank said. I encourage everyone to take time on Sunday to remember and to recommit to the values of inclusion and love demonstrated so clearly a year ago. The negative impact from the virus on New Zealand's economy is, and will continue to be, significant, it said. The Committee also agreed that should further stimulus be required, it prefers to undertake large-scale asset purchases of government bonds rather than cut the OCR further. NZC understands and supports the government’s position.

The bank however said New Zealand’s financial system remains sound and major financial institutions are well capitalised and liquid. More to come .