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Reserve Bank of New Zealand News Releases
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RBNZ and IMF join efforts on the future of inflation targeting

Release date 23 August 2019 The Reserve Bank and the International Monetary Fund are hosting a conference in Wellington next week to discuss broad issues around monetary policy, the labour market, and the future of inflation targeting. Inflation Targeting: Prospects and Challenges has attracted delegates from around the world. It will be co-hosted by the Bank and the IMF’s Regional Office for Asia and the Pacific, and will be held at Te Papa Tongarewa on August...

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Inflation Dynamics: Upside Down Down Under?

Release date 21 August 2019 Thirty years after the Reserve Bank adopted an inflation targeting regime to deal with inflation that was too high, central banks now have a different problem: inflation being too low. At a panel discussion yesterday at the Bank for International Settlements forum at the Bangko Sentral ng Pilipinas, Manila, Reserve Bank Assistant Governor and General Manager of Economics, Financial Markets, and Banking Christian Hawkesby discussed...

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Reserve Bank forward-looking and transparent

Release date 16 August 2019 The following comment, from Reserve Bank Governor Adrian Orr, has been supplied to Stuff.co.nz in response to an opinion piece from BusinessNZ chief executive Kirk Hope titled: ‘Business concerned by blurring of Government and Reserve Bank policy’ We are operationally independent, our mandate is clear, our goals are clear, and our decision making is transparent. Given the long and variable lags between setting the Official Cash Rate...

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New vision for Council of Financial Regulators

Release date 14 August 2019 The Council of Financial Regulators (CoFR) has announced a new vision for New Zealand’s economic wellbeing and has welcomed the addition of the Commerce Commission to the forum. The new vision aims to contribute to maximising New Zealand’s sustainable economic wellbeing through responsive and coordinated financial system regulation, and allows for a longer term view that more effectively recognises the specific responsibilities of each...

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New debt-to-income data informs New Zealand’s mortgage risk

Release date 12 August 2019 The Reserve Bank has today released new debt-to-income (DTI) data for new mortgage applications in New Zealand, showing how total borrower debt compares with borrower income. The Reserve Bank developed DTI data to better understand risks to financial stability from mortgage lending activity. Monthly data is available from June 2017, and is sourced from a survey completed by all registered banks in New Zealand. “Banks supply us with...

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Submissions received on new mortgage bond standard, update on repo-eligibility conditions

Release date 12 August 2019 The Reserve Bank has today published a summary of submissions on its consultation proposing a new mortgage bond standard aimed at supporting confidence and liquidity in New Zealand’s financial markets. Submissions on the new proposed mortgage bond standard are broadly supportive of the introduction of a high grade residential mortgage backed securities framework for New Zealand – known as Residential Mortgage Obligations (RMO). The new...

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Official Cash Rate reduced to 1 percent

Tēnā koutou katoa, welcome all. The Official Cash Rate (OCR) is reduced to 1.0 percent. The Monetary Policy Committee agreed that a lower OCR is necessary to continue to meet its employment and inflation objectives. Employment is around its maximum sustainable level, while inflation remains within our target range but below the 2 percent mid-point. Recent data recording improved employment and wage growth is welcome. GDP growth has slowed over the past year and growth headwinds are rising. In...

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Public consultation begins on draft Financial Market Infrastructures Bill

Release date 01 August 2019 The Reserve Bank has today published an exposure draft of the Financial Market Infrastructures Bill (FMI Bill), and is asking for feedback from stakeholders over the next eight weeks. The FMI Bill covers vitally important financial systems for New Zealanders, including the infrastructure that supports our day-to-day transactions. “This draft Bill comes as a result of three rounds of public consultation – the first two on the proposed...

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Reserve Bank Dashboard celebrates first year of operations

Release date 16 July 2019 Almost 38,000 visits have been made to the Reserve Bank’s Financial Strength Dashboard since it was launched a year ago. The Dashboard, released in late May 2018, is an innovative website designed to help depositors, investors and other stakeholders make well-informed decisions, when placing money with a bank, by displaying more than 100 individual metrics on the financial strength of banks that cover seven subject areas including Credit...

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