Accorded to in the RBNZ Minutes, The Committee will continue to Swiftly Lift the OCR.

The Reserve Bank of New Zealand (RBNZ) stated in its minutes, which were made available simultaneously with the monetary policy statement, that the "committee resolved to maintain its approach of briskly hiking the OCR."

July 13, 2022 - 11:39 AM 238 views

Accorded to in the RBNZ Minutes, The Committee will continue to Swiftly Lift the OCR.

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© Accorded to in the RBNZ Minutes, The Committee will continue to Swiftly Lift the OCR.

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The Reserve Bank of New Zealand (RBNZ) stated in its minutes, which were made available simultaneously with the monetary policy statement, that the "committee resolved to maintain its approach of briskly hiking the OCR."

Key Takeaways

Members remarked that the value of the New Zealand dollar had decreased.

The Committee highlighted that import prices in New Zealand dollars are still being impacted by the New Zealand dollar's decline.

The recent may monetary policy statement's projection of the OCR's future course continues to give the Committee general peace of mind.

Members concurred that the rise in mortgage interest rates will help bring home prices closer to levels that can be sustained.

The Committee believed that this approach would help them accomplish their main goals of reducing inflation and increasing employment.

Observed that while there are medium-term adverse risks to economic activity, there are also near-term upside risks to consumer price inflation.

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