RBNZ Wheeler nudges banks to pass benefits of rate cut to customers

Wed, 10 Aug 2016

By Paul McBeth Aug. 11 (BusinessDesk) - Reserve Bank governor Graeme Wheeler says he expects lenders to pass on to their customers most of today's quarter-point cut to the official cash rate. Wheeler lowered the OCR by 25 basis points to 2 percent, a record low, as he struggles to make the kiwi dollar a less attractive investment proposition and ease the currency's deflationary impact on the country. ANZ Bank New Zealand, the country's biggest lender, immediately cut its floating mortgage rate 5 basis points and rates for commercial, agr...

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