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New Zealand holds rate at record low as fresh Covid outbreak strokes uncertainty

New Zealand’s central bank left interest rates unchanged at a record low of 0.25%, as policymakers quickly shifted gears after the country was put into a snap lockdown following the detection of new coronavirus cases. The economy is running red-hot and a majority of economists polled by Reuters last week had expected the Reserve Bank of New Zealand (RBNZ) to raise the official cash rate (OCR) by 25 basis points from a record low to 0.50%. Some said Governor Adrian Orr may even deliver a 50-basis point rate hike.

New Zealand’s first local COVID infection in six months has been reported and a snap lockdown ordered for the entire nation hosed down those expectations and forced policymakers to confront the potential risks of moving now. RBNZ’s monetary policy committee said in a statement that the decision was made in the context of the government’s imposition of Level 4 COVID restrictions on activity across New Zealand.

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A hike would have made New Zealand the first both in the Asia-Pacific and the G10 currency block to raise rates in the pandemic era. While most developed economies are still holding off hiking, New Zealand’s successful COVID elimination strategy has fired a hot economic recovery and stoked inflation. However, New Zealand’s vaccination rate is low, leaving the nation of 5 million vulnerable. And that is a fact underscored by the latest detection of the highly infectious Delta variant which has hobbled neighboring Australia.

Tags: BankingCovidEconomyNew Zealand Central Bank

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Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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