Major New Zealand bank keeping some of the cut for itself
The RBNZ won't be pleased to find out that ANZ is only lowering rates by 10 basis points rather than the 25 bps cut the RBNZ delivered yesterday.
"Over the last 18 months, offshore wholesale funding costs have increased significantly. Until now, and unlike some other banks, ANZ has passed on all the recent OCR rate cuts in full. But international volatility has proved to be more than temporary so these extra costs now need to be reflected in our lending rates," interest.co.nz reports.
The good news is that there is some competition. The Cooperative Bank announced it's passing on the full 25 bps.
The kiwi has been ranging between 0.6640 and 0.6700 today.
h/t to Steve Demmler for the tip.
