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RBNZ Governor Wheeler media conference post RBNZ OCR meeting
RBNZ Governor Wheeler media conference post RBNZ OCR meeting
The Reserve Bank Governor Graeme Wheeler has just held his post RBNZ OCR meeting media conference.
His key points are:
• Would like to see most of interest rate cut
passed on by banks to customers
• Did
not seriously consider 50 bps rate
cut
• A larger rate cut was not
justified
• Has built in 60 basis
points of interest rate cuts into its
projections
• Not surprised by rise in
NZD$ after rate cut
• Will not comment
on intervention in FX
market
• Watching NZD reaction over
next few days
• Would be concerned to
see further falls in short term inflation
expectations
• Has virtually no
influence over tradables
inflation
• Has very limited influence
over the exchange rate
• If the
interest rate differential widens we will see upward
pressure on NZD
• Operating in
phenomenon global circumstances due to many countries
quantitative easing
• Expects to
report to minister on debt to income ratio within next week
or so
• Debt to income ratio tool
unlikely to be implemented this
year
• Has projections of cutting
rates partly to take pressure off currency
RBNZ Governor Wheeler will testify on the Monetary
Policy Statement before the Finance and Expenditure Select
Committee from 1:10pm today.
Below is the link to the just released Monetary Policy Statement:
Current indicative levels are:
NZD-USD
0.7260 / 0.7295
NZD-AUD 0.9420 /
0.9445
NZD-EUR 0.6490 /
0.6515
NZD-GBP 0.5575 /
0.5600
NZD-JPY 73.50 /
73.75
ends
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