RBNZ's Bascand says NZ economy less vulnerable to shocks
Reserve Bank of New Zealand Deputy Governor Geoff Bascand speaking on New Zealand's net foreign liabilities: What lies beneath, and ahead?
- Says net foreign liabilities as a share of GDP lowest since 2009, makes economy less vulnerable to shocks
(via Reuters news)
- "New Zealand's net foreign liabilities - what we owe to the rest of the world, broadly speaking - reached nearly 85 percent of GDP at the start of 2009 but now they are down to 58.5 percent of GDP, their lowest level since the late-1980s"
- "New Zealand has become less reliant on offshore funding over the past decade, and the maturity of bank borrowing has lengthened, reducing the risks from a potential funding shock"
- Mr Bascand warned that New Zealand's net foreign liabilities as a share of GDP is still relatively high internationally