The New Zealand Official Cash Rate experienced no cuts or additions in its 30th of June review. For the second review in a row Reserve Bank Governor Alan Bollard has opted not to increase the Official Cash Rate (OCR) of New Zealand. The change came as no big surprise to commentators or market participants, with no movements of particular note to be seen on the foreign exchange or equity market. In regards to the decision, Alan Bollard, in a Reserve Bank release said ... Read More

The Official Cash Rate (OCR) of New Zealand has been cut to 3%. The Reserve Bank has taken an expected move and once again cut the New Zealand OCR by 50 basis points, bringing it to 3%, from its previous position of 3.5%. At first glance, the move is a relatively small one, especially since it has been preceded by numerous previous cuts, many of a much greater magnitude. The smaller cuts were driven by the Reserve Bank’s relatively positive future outlook for ... Read More

The New Zealand Official Cash Rate has reached the lowest level since its creation. The January 29th Official Cash Rate (OCR) announcement followed what many already thought would happen, although to a greater degree. The OCR was cut 150 basis points to the lowest level it has ever been at, reaching 3.5%. Kiwibank and Westpac have already adjusted their one year fixed term home loan interest rates accordingly, but Reserve Bank Governor Alan Bollard urges other banks to do the same and pass the ... Read More

On the 4th of December the Reserve Bank of New Zealand cut its Official Cash Rate by 1.5%, reducing it to a level of 5% from its previous 6.5%. The change was announced by Reserve Bank Governor Alan Bollard on the morning of the cut. The news was justified by the Reserve Bank’s worsening view of upcoming economic situations. Specifically, it was quoted that the Reserve Bank does not expect a respite in the recession until mid-2009 and a below average economic trend ... Read More