RBNZ to buy $30b of govt bonds in latest economic support

RBNZ to buy $30b of govt bonds in latest economic support
Rebecca Howard
The Reserve Bank will move to the next, unprecedented stage of emergency support for the New Zealand economy in response to the covid-19 virus global crisis, committing to buy $30 billion of government bonds over the next 12 months.The central bank had promised that its next move would be quantitative easing - a way of pumping new money into the economy by buying debt from the government - after cutting the official cash rate to a historic low of 0.25 percent just a week ago.“The negative economic implications of the coronavirus outbreak have c...

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NZIER's Shadow Board predicts RBNZ will hold, with one exception
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NZIER's Shadow Board predicts RBNZ will hold, with one exception

The New Zealand Institute of Economic Research’s Shadow Board expects the Reserve Bank of NZ to hold the official cash rate at 5.5% for another year, although one member did call for a hike this week. “While inflation pressures are still high and the labour market remains strong,...

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Economy

Core Crown tax revenue higher than expected in May accounts

Government tax intake is $1.57 billion higher than forecast, according to the latest Crown accounts.Treasury released the interim financial statements for the 11 months ended May 31 on Wednesday morning, which showed core Crown tax revenue was $111.12b.This was 1.4% more than the...

Staff reporters 04 Jul 2024