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☆ New Zealand central bank blames inflation for restrictive policy
▼ + stars: | 2024-02-12 | by ( ) www.cnbc.com time to read: +1 min

Adrian Orr, governor of the Reserve Bank of New Zealand (RBNZ), speaks during a news conference in Wellington, New Zealand, on Thursday, Aug. 9, 2018. New Zealand's top central banker on Monday said the inflation challenge was still not over and cited broad financial pressure for retaining a "restrictive monetary policy" position. Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr, appearing before a parliamentary committee, said the current inflation rate at 4.7% was still too high and that the board's aim was to continue to slow it down to around 2%. "That's why we've retained a restrictive monetary policy stance with the official cash rate at 5.5% and we'll be back at the end of this month again with our updated views on the wisdom of that stance," Orr told lawmakers. The bank is due to meet at the end of the month.

Persons: Adrian Orr, we've, we'll, Orr Organizations: Reserve Bank of New Zealand Locations: Wellington , New Zealand

☆ Reserve Bank of New Zealand is concerned about whether inflation will ease fast enough
▼ + stars: | 2023-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReserve Bank of New Zealand is concerned about whether inflation will ease fast enoughAdrian Orr, governor of the Reserve Bank of New Zealand, says "our expectation is that inflation will continue to decline in New Zealand. Our concern is … whether it will decline fast enough to ensure that inflation expectations remain anchored."

Persons: Adrian Orr Organizations: Email Reserve Bank of New, Reserve Bank of New Locations: Email Reserve Bank of New Zealand, Reserve Bank of New Zealand, New Zealand

☆ New Zealand's central bank defends Maori language use
▼ + stars: | 2023-11-29 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

[1/3] Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is pictured during an interview at the bank in Wellington, New Zealand, April 16, 2019. REUTERS/Charlotte Greenfield/File Photo Acquire Licensing RightsWELLINGTON, Nov 29 (Reuters) - New Zealand’s central bank chief defended its use of the Maori language in official communications on Wednesday, as the country’s new centre-right government looks to roll back the use of the Indigenous language in the public sector. Central bank governor Adrian Orr said at a media conference following the bank’s monetary policy meeting that it was proud of its Maori name "Te Putea Matua" and would continue to use it in addition to the Reserve Bank of New Zealand (RBNZ). Over the past few years, the RBNZ has undergone an overhaul that puts the country's Maori heritage and language at the centre of its operations. The government has not released specific details on the policies and it is unclear whether they would directly impact the central bank.

Persons: Adrian Orr, Charlotte Greenfield, Orr, Christopher Luxon's, Luxon, Lucy Craymer, Sam Holmes Organizations: Bank of New Zealand, REUTERS, Rights, Reserve Bank of New Zealand, Labour, New Zealand, prudential, Thomson Locations: Wellington , New Zealand, Central, Te Ao

☆ We are unambiguously contractionary in our monetary position, says RBNZ
▼ + stars: | 2022-11-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are unambiguously contractionary in our monetary position, says RBNZAdrian Orr of Reserve Bank of New Zealand discusses its biggest-ever rate hike of 75 basis points.

☆ RBNZ Governor says central bank policy now officially contractionary
▼ + stars: | 2022-11-23 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Nov 24 (Reuters) - New Zealand's central bank governor said on Thursday benchmark interest rates needed to go higher and the country also needed to go into recession to get spiralling inflation under control, which would mean pain for some home owners. As we've said before, inflation is no one's friend and causes economic costs," Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr told a committee at parliament. New Zealand's central bank raised its official cash rate by a record 75 basis points to a near 14-year peak of 4.25% on Wednesday as it struggles to contain inflation near three-decade high. The central bank surprised the market with its hawkish tone and forecast that rates would now peak at 5.5%, compared with a previous forecast of 4.1%. He added that the central bank committee realised it need to do more and sooner to break that spiral.

☆ New Zealand central bank review supports monetary policy decisions
▼ + stars: | 2022-11-09 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Nov 10 (Reuters) - The New Zealand central bank's dramatic easing in monetary policy was largely warranted over the COVID-19 pandemic, but with hindsight policy tightening should have occurred earlier in 2021, an internal report released by the central bank on Thursday found. The internal review, which looked at how the Reserve Bank of New Zealand (RBNZ) made decisions about monetary policy in the past five years and what lessons could be learned, found monetary policy decisions were consistent with the data available at the time, while worst case scenarios were avoided. It did find with the benefit of hindsight that monetary policy should have been tightened earlier in 2021 either by lifting the cash rate or reducing asset purchases. New Zealand's central bank started an aggressive tightening cycle in October 2021 and has increased the cash rate in just over a year to 3.5% from 0.25%. Orr said in a statement that the period reviewed had been uniquely challenging and they could learn from the conduct of monetary policy.

☆ New Zealand central bank can get inflation under control: RBNZ governor
▼ + stars: | 2022-11-02 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, Nov 3 (Reuters) - New Zealand central bank Governor Adrian Orr said on Thursday he was confident the central bank can get inflation under control as the country battles a tight labour market. Inflation in New Zealand is currently sitting at 7.2%, well above the bank's target of 1% to 3%. Orr said the Reserve Bank of New Zealand (RBNZ) has a "laser-like" focus on controlling inflation. A tight labour market saw wage inflation in the third-quarter rise to the highest level since the survey began in 1993. Orr added that the tight labour market was also the biggest constraint on businesses in New Zealand.

☆ RBNZ says global financial stress will test New Zealand's financial resilience
▼ + stars: | 2022-11-01 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, Nov 2 (Reuters) - The Reserve Bank of New Zealand said on Wednesday the country's financial system is as a whole resilient but global financial stress will test this. "The rising global interest rates necessary to curb inflation will test New Zealand's financial resilience," Governor Adrian Orr said in the bank's financial stability review, which is released twice a year. "While our financial system as a whole is resilient, some households and businesses will be challenged by the rising interest rate environment," Orr added. New Zealand's central bank has aggressively hiked interest rates as it has sought to get on top of a red-hot housing market and soaring inflation. The central bank, however, said house prices remain above their sustainable level, and that a further gradual decline would be positive for long-term financial stability.

☆ RBNZ Governor Orr: New Zealand is relatively well positioned but inflation too high
▼ + stars: | 2022-10-26 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, Oct 27 (Reuters) - New Zealand's central bank governor, Adrian Orr, said on Thursday that while the country was relatively well positioned to meet challenges inflation remains too high. Orr added that the central bank had its eyes firmly focused on meeting its inflation target of 1% to 3%. "New Zealand is relatively well positioned but inflation is still too high in an absolute sense," he said in a speech to the Institute of Finance Professionals of New Zealand in Auckland. New Zealand's central bank in early October lifted interest rates to a seven-year high and promised more pain to come as it struggles to cool inflation at near three decade highs in an over-stretched economy. New Zealand's central bank is due to release its twice yearly Financial Stability report on Nov. 2.

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