RBNZ Increases Pressure on Banks to Lower Mortgage Lending Rates
- Chief economist Yuong Ha speaks in webinar broadcast
- Says ‘there is more scope for those interest rates to fall’
Photographer: Mark Coote/Bloomberg
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New Zealand’s central bank is pressuring retail banks to lower mortgage rates, saying they have been too slow to pass on monetary stimulus.
“We are watching and we are conscious that there is more scope for those interest rates to fall, and we would expect that to happen,” Reserve Bank chief economist Yuong Ha said in a webinar broadcast Thursday in Wellington. He’s the latest policy maker to make the point following comments from Governor Adrian Orr and Deputy Governor Geoff Bascand this week.