Reserve Bank Governor Adrian Orr. Photo: NZ HeraldThe Reserve Bank has kept the Official Cash Rate on hold at 0.25%, but says it will reduce economic stimulus by winding up its programme of bond buying - sometimes described as printing money. The Monetary Policy Committee agreed to reduce the current stimulatory level of monetary settings in order to meet its consumer price and employment objectives over the medium-term, New Zealand's central bank said today in a statement. "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 hold the Official Cash Rate (OCR) at 0.25% and the Funding for Lending Programme unchanged.

Source: Otago Daily Times July 14, 2021 02:23 UTC