Welcome all. The Monetary Policy Committee agreed to maintain the current stimulatory level of monetary settings in order to meet its consumer price inflation and employment remit. The Committee will keep the Official Cash Rate (OCR) at 0.25 percent, and the Large Scale Asset Purchase (LSAP) Programme of up to $100 billion and the Funding for Lending Programme (FLP) operation unchanged. Global economic activity has increased since the November Monetary Policy Statement. However, this lift in activity has been uneven both between and within countries. The initiation of global COVID-19 vaccination programmes is ... (full story)

The Monetary Policy Committee’s (MPC) monetary policy strategy is its overarching plan for how it will formulate monetary policy under different circumstances to achieve its objectives.1 It outlines a consistent approach to how the MPC intends to achieve its objectives across time, accounting for trade-offs and uncertainty. Agreeing on and publishing a strategy promotes transparency, public understanding, and accountability. Monetary policy framework and objectives Under the Reserve Bank of New Zealand Act 1989 (the Act), the MPC is responsible for formulating monetary policy to maintain a stable general level of ... (full story)