OCR reviewed less often
New Zealand’s official cash rate will be reviewed less often in coming years.
Wednesday, August 26th 2015, 4:45PM
The Reserve Bank has released its schedule for OCR decisions in 2016 and 2017.
Instead of reviewing eight times a year, it has signalled it will review it just seven.
The OCR is a major factor in the interest rates banks offer their customers, particularly short-term rates.
A full monetary policy statement will be released on the second Thursday in February, May, August and November, including a review of the OCR.
The bank will also release three OCR decisions, with no accompanying forecasts, on the fourth Thursday of March, June, and September.
Bank spokesman Mike Hannah said: “The new schedule ensures that the Bank will capture the latest key economic data available for its policy decisions,” he said. “It also gives the financial markets clarity over a longer timeframe to enable more efficient risk management and pricing of financial instruments.”
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