RBNZ bulletin on liquidity issues

The Reserve Bank of New Zealand's December Bulletin is built around the theme of liquidity and New Zealand's financial markets.

The first article discusses the evolution of the Reserve Bank's liquidity management arrangements over the past few years. This evolution includes the measures introduced this year as the global financial system turmoil deepened.

The second article discusses the key role of New Zealand's debt to offshore investors - a substantial part of which is due to local banks

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