Reserve Bank of New Zealand Governor Orr speaking in front of a parliament committee
Following yesterday's policy announcement:
- NZD lower following the RBNZ monetary policy decision, near-doubling of QE program
- Minutes of the RBNZ meeting just concluded
- RBNZ leaves cash rate on hold at 0.25%, expands QE program
Orr:
- monetary policy is playing a role by keeping interest rates low for the foreseeable future
- expects retail rates to fall further
- RBNZ could use negative rates if needed
- QE program is the best option for now
- Says operational issues still remain on negative rates
