Reserve Bank deputy governor Geoff Bascand spoke on Friday, this a reminder post as his comments were on briefly touch on here.
Bascand was speaking in reference to the surprise 0.5% cut from the RBNZ last week
- says the Bank is transparent, publish forecasts , projections and how it sees economic developments unfolding
- RBNZ not in the business of surprising people
- Will do "what we think needs to be done to achieve our objectives"
- "So I don't think you should interpret this as some sort of change in philosophy, but a correction, and we will try and keep communicating as much as we possibly can. World interest rates are lower and we are behind with all this uncertainty"
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The RBNZ next meet in September (25th). Current expectations are for an on hold decision at that meeting.
