“Economic activity has been more resilient than previously thought, domestically and internationally, since August,” said Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr, speaking at the press conference following the monetary policy decision on Wednesday.
More quotes
“Inflation and employment have long been below target.”
“We expect banks to lend responsibly and avoid undue risk.”
“We are assuming a better starting position because the domestic economy has proven to be more resilient.”
“At this point, it is still important that credit is widely available while stimulating spending and employment.”
Separately, an RBNZ official said the size of the FLP program is NZD 28 billion.
Market reaction
NZD / USD extends rally towards 0.6900 on positive comments from Governor Orr following RBNZ decision.
The price rises by 0.6% to its highest level since April 2019 at 0.6869.
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