Central Banking

RBNZ to raise Settlement Cash Level to $2,000m

The Reserve Bank of New Zealand will raise the Settlement Cash Level (SCL) from its current level of $500 million to $2,000 million, for value date 13 February 2006.

This change in the settlement cash level reflects the Reserve Bank's concern over liquidity pressures in the New Zealand money market created by the upcoming New Zealand Government Bond maturity on 15 February 2006. The bond maturity reduces the amount of collateral available for banks to use. Banks use collateral to raise funds for

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