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New Zealand Monetary Policy February 2021

New Zealand: RBNZ stands pat in February

At its meeting on 24 February, the Reserve Bank of New Zealand (RBNZ) decided to hold the official cash rate (OCR) steady at its record low of 0.25%, and at the same time left the scale of its monetary stimulus program unchanged.

Despite the pickup in activity in recent months, the economic outlook remains highly uncertain due to the evolution of the health crisis and any future containment measures, which prompted the Bank to leave its expansionary monetary policy stance untouched.

Looking ahead, the Bank stroke a prudent tone, stating that it will maintain “its current stimulatory monetary settings until it is confident that consumer price inflation will be sustained at the 2 percent per annum target midpoint, and that employment is at or above its maximum sustainable level”, adding that time will be needed to meet these goals.

The next monetary policy meeting is scheduled for 14 April.

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