Economics
RBNZ to Refresh Unconventional Policy Strategy as Rates Drop
- Bank won’t release work, which is at ‘very early stage’
- OCR could only fall 35 basis points below zero, Treasury says
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New Zealand’s central bank is taking another look at its strategy for unconventional monetary policy as its official cash rate looks set to plumb fresh record lows.
“This year the Reserve Bank has begun scoping a project to refresh our unconventional monetary policy strategy and implementation. This is at a very early stage,” the RBNZ said in response to an Official Information Act request for work on non-standard policy measures. It declined to release any of the information requested by Bloomberg on the grounds it could prejudice New Zealand’s economic interests. A spokesman said the bank had no further comment to make.