Alan Bollard tagged posts
August 5, 2010 New Zealand Finance
The New Zealand Government will need to revise its economic growth projections after latest employment figures showed a significant increase in unemployment.
New Zealand’s unemployment rate rose to 6.8 percent during the June quarter, compared to a level of 6 percent in the prior quarter. The latest figure represents a 19 000 person increase in national unemployment, bringing the total to approximately 159 000. The statistics were released government’s Household Labour Force Survey, released on August 5th.
Last month Alan Bollard, Governor of the New Zealand Reserve Bank, predicted an unemployment rate figure of only 6 percent. National economists believe that the Governor’s recent decision to raise New Zealand’s Official Cash Rate (OCR) was based on the more optimistic prediction...Read More
July 29, 2010 New Zealand Finance
The Reserve Bank of New Zealand has deemed the country’s economic growth strong enough to instate another increase to the national Official Cash Rate.
New Zealand has continued down a path of a relatively healthy economic recovery in recent months, despite a small slowdown in selected growth figures. On July 29th Allan Bollard, Governor of the Reserve Bank, revealed that the current conditions are adequate to warrant a slight withdrawal of stimulus policy and a 25 basis point increase the Official Cash Rate (OCR). The rate will now be 3.0 percent.
New Zealand’s near and medium-term forecasts for GDP growth remain strong, riding the confidence of the manufacturing industry and the forestry sector’s resilient growth...Read More
June 10, 2010 New Zealand Finance
The Reserve Bank of New Zealand has raised the nation’s Official Cash Rate (OCR) to 2.75 percent.
On June 10th the Reserve bank of New Zealand (RBNZ) announced the first change in New Zealand’s OCR since April 30th 2009. At the latest OCR review, the rate was increased by 0.25 percent to a new level of 2.75 percent. The rate has remained unchanged for the last 8 OCR review sessions.
Alan Bollard, Governor of the RBNZ, explained the change, saying, “…the economy has entered its second year of recovery with growth becoming more broad-based.” The alteration has also been attributed to the strong recovery of the New Zealand’s key economic trading partners, especially the Asia region, Australia, and the US...Read More
January 31, 2010 New Zealand Finance
The New Zealand Official Cash Rate (OCR) was left unchanged at its latest review.
At the quarterly Reserve Bank OCR Review, on January 28th, it was announced that the rate would remain at its current level of 2.5 percent. Alan Bollard, Reserve Bank Governor, said that the decision comes as a result of the economy remaining consistent with projections made in the December Monetary Policy Statement. He continued on to say that the annual CPI inflation is situated squarely in the target band and is expected to remain within the area over the medium term.
The New Zealand OCR has remained at 2.5 percent since April 30th, 2009. It has been unchanged through six OCR review announcements...Read More