RBNZ moves to publish policy rate forecasts
Central bank scraps forecasts of 90-day bank bill rate as relationship to policy rate changes
The Reserve Bank of New Zealand (RBNZ) is to begin publishing quarterly forecasts of its policy interest rate, the overnight cash rate (OCR), instead of the 90-day bank bill rate.
To date, the central bank has published forecasts for the bank bill rates, which historically closely tracked changes in the overnight cash rate, providing a "good gauge" of the monetary policy stance, the RBNZ said on October 25.
Variations in the past tended to be temporary and driven by periods of financial stress
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