NZ eases rules to ward off turmoil

The Reserve Bank of New Zealand has relaxed its collateral rules as a precaution against further tumult in global financial markets.

The Reserve Bank will accept a broader range of securities, including highly-rated mortgage-backed paper, as part of a range of measures to stave off liquidity pressures. It will also extend the Overnight Reverse Repo Facility from one day to a maximum of 30.

Grant Spencer, the deputy governor, said that the measures mirrored similar actions taken by other centra

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