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PHOTO:DOMINION-POST Reserve Bank governor Adrian Orr gave the bank’s word in March not to move the OCR before March next year.
The Reserve Bank has agreed to spend $60 billion on quantitative easing to prop up the economy in the wake of the coronavirus pandemic.
That is up from its previous spending cap of $33b.
The bank has left the Official Cash Rate at 0.25 per cent after governor Adrian Orr gave the central bank’s word in March that it would not move the rate for 12 months.
The commitment has not stopped some banks from speculating that the Reserve Bank might move the OCR into negative territory before the year is out.
The Reserve Bank appeared to suggest that such an earlier move could not now be ruled out.
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