NZ Reserve Bank News Feed
03 June 2020Press releases issued by the Reserve Bank of New Zealand
Reserve Bank of New Zealand Governor Adrian Orr participated in a virtual roundtable with Mark Carney (United Nations Special Envoy for Climate Action and Finance and former Governor of the Bank of England) and James Shaw (Minister for Climate Change) on Thursday, 28 May 2020.
The financial system is in a solid position to both weather the significant economic impact caused by the COVID-19 pandemic and support New Zealand’s recovery, Reserve Bank Governor Adrian Orr says in releasing the May Financial Stability Report.
The Reserve Bank today announced that it has registered Industrial and Commercial Bank of China Limited (“ICBC”) to provide banking services in New Zealand.
The Monetary Policy Committee has agreed to significantly expand the Large Scale Asset Purchase (LSAP) programme potential to $60 billion, up from the previous $33 billion limit. The LSAP programme includes NZ Government Bonds, Local Government Funding Agency Bonds and, now, NZ Government Inflation-Indexed Bonds.
Following the government announcement, for Financial Services, we will be moving to COVID-19 Lockdown level 2 at 23:59, 13 May. Until then, we remain at Level 3. Level 2 us about reducing the risk of transmission.
The Reserve Bank will provide term funding to banks at a very low interest rate under the previously announced Term Lending Facility (TLF), to help them support the Government’s Business Finance Guarantee Scheme and promote lending to businesses.
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