New Zealand's central bank is expected to hold rates steady at its policy meeting on Wednesday, but strike a dovish tone as fears of a second wave of the coronavirus pandemic brings further economic uncertainty.
WELLINGTON - New Zealand’s central bank is expected to hold rates steady at its policy meeting on Wednesday, but strike a dovish tone as fears of a second wave of the coronavirus pandemic brings further economic uncertainty.
All economists polled by Reuters expected the official cash rate to remain unchanged at 0.25% for the rest of the year, and at least some of them see rates moving to zero and negative territory next year. New Zealand was among the first countries to declare it was free of COVID-19, and opened its economy faster than most others. But those gains were lost last week as new coronavirus cases emerged, and fears of a second wave of infections are growing.
It would strike a balance between “an encouraging tone while still sounding suitably dovish” in order to keep the New Zealand dollar and monetary conditions low, Sharon Zollner said.tightening in monetary conditions that will be decidedly unwelcome,” she said.
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