New Zealand’s banking system operationally ready for negative rates

Interest rates on paper

New Zealand’s central bank has completed operational work to implement negative interest rates should it need to, according to the bank’s latest monetary policy statement.

At the Reserve Bank of New Zealand’s monetary policy meeting (MPC) today (February 24), policymakers voted to leave the official cash rate (OCR) at 0.25%. The monetary policy committee also agreed to continue the asset purchase programme, with purchases up to NZ$100 billion ($73.9 billion) by June 2022.

However, the central

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