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New Zealand's central bank governor, Christian Hawkesby, announced on Thursday that the trajectory of the official cash rate (OCR) will rely on the pace of the country's economic recovery. "Although our central forecast for the OCR suggests a decline to approximately 2.50% by the year's end, the actual adjustment could happen more rapidly or slowly, contingent on the developments in the economic recovery," he remarked during a speech in Auckland. In August, the Reserve Bank of New Zealand (RBNZ) reduced the OCR to a three-year low of 3.00%, hinting at further cuts due to domestic and global challenges impacting growth. Hawkesby highlighted a demanding six months for the central bank, notably following the unexpected resignation of Governor Adrian Orr in March, coupled with the recent departure of Chairman Neil Quigley. "The trust and confidence in our economic institutions are crucial to underpinning our financial system and fortifying economic prosperity," Hawkesby emphasized, underscoring that the RBNZ remains committed to maintaining price stability and financial resilience.
