Central Banking

RBNZ to raise settlement cash level temporarily

The Reserve Bank of New Zealand will temporarily raise the Settlement Cash Level (SCL) from its current level of $20 million to $500 million, for value date 2 February 2006.

The SCL is the amount of cash that the Reserve Bank targets to leave in the banking system each day.

This change in the settlement cash level reflects the Reserve Bank's concern over recent liquidity pressures in the New Zealand financial market, which it expects will be exacerbated by the upcoming New Zealand Government B

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