Overnight cash balloons as part of RBNZ's covid-19 measures

Thu, 05 Nov 2020

One of the consequences of the Reserve Bank's efforts to flood the economy with cash to force down the cost of borrowing is the amount of overnight, or settlement, cash has more than doubled.This is the facility the central bank operates to square up all the daily transactions, estimated at about $35 billion a day, between banks, their customers, and to and from the government – such as tax paid and payments like welfare benefits and teachers' salaries. It also ensures there's enough cash sloshing about – known as liquid...

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