Video / Cameron PitneyThe Reserve Bank has kept the official cash rate on hold but says it will reduce economic stimulus by winding up its programme of bond buying - sometimes described as printing money. "The Reserve Bank will halt additional asset purchases under the Large Scale Asset Purchase (LSAP) programme by 23 July 2021," it said. The Committee will leave the Official Cash Rate (OCR) at 0.25 per cent and the Funding for Lending Programme unchanged. Reserve Bank Governor Adrian Orr. The ASB bank has lifted its fixed one-year rate by 0.36 percentange points, up from 2.19 per cent to 2.55 per cent per annum.

Source: New Zealand Herald July 14, 2021 02:08 UTC