In case you are confused (I’ve seen some reports around that the Reserve Bank of New Zealand announcement is due on July 22 – it isn’t).
The Reserve Bank of New Zealand hold a monetary policy meeting this week.
The announcement of the hike (or not, but I reckon they will) will be at 9am New Zealand time on July 24th. That’s 2100GMT on July 23, or 5pm ET in the US.
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There is no meeting in August, the next is in September. There is a New Zealand election due on Saturday 20 September 2014, so the likelihood of further action from the RBNZ in September is lower (they will avoid a hike so close to an election if they can … they are independent, but they don’t go around looking for controversy).
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Again … The announcement will be at 9am New Zealand time on July 24th. That’s 2100GMT on July 23, or 5pm ET in the US on July 23.
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While I’m here …here’s an interesting fact on how the RBNZ interest rate decisions differ from other major central banks. You can probably use this when next chatting up someone at the bar. Let us know how you go
The RBNZ has a monetary policy decision-making process different to other major central banks. In brief:
- The Monetary Policy Committee (MPC) is a group of senior Bank officials that meets weekly to advise the Governor on issues relating to the formulation and implementation of monetary policy.
- The MPC has no basis in legislation, and is expressly not a decision-making committee.
- MPC members do not vote and minutes are not published.
- While the governor takes advices, it is he (currently he) that makes the decision alone.
