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 ... Read More

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 ... Read More

The New Zealand Institute of Economic Research (NZIER) has released its latest report, in which it describes New Zealand’s economic recovery over the upcoming years as “jagged”, along with “bumpy and subdued”. On March 1st, the NZIER released the March 2010 Quarterly Predictions report, which stated that although New Zealand is no longer facing a recession, its economic recovery will be slow and “jagged”. Growth of only 2.7 percent was projected for the 2010 calendar year, and 1.4 percent for 2011. Shamubeel ... Read More