Reserve Bank's Orr: Cutting OCR in light of cyclone 'makes no sense'

RBNZ governor Adrian Orr was grilled by MPs. (Image: Getty)

Thu, 23 Feb 2023

Reserve Bank of New Zealand governor Adrian Orr says cutting interest rates in light of Cyclone Gabrielle “makes no sense”.Orr, flanked by his chief economist Paul Conway and assistant governor Karen Silk, made the comments this morning while being questioned by MPs at the Financial and Expenditure Select Committee at Parliament.Yesterday, the Reserve Bank of NZ (RBNZ) lifted its official cash rate (OCR) by 50bp to 4.75%.The RBNZ is mandated with keeping inflation between 1% and 3%. It's now running at 7.2% and the central bank...

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