New Zealand Central Bank Reduces Stimulus

New Zealand central bank decided to reduce the current stimulatory level of monetary settings.

The Monetary Policy Committee of the Reserve Bank of New Zealand said on Wednesday that it will halt additional asset purchases under the Large Scale Asset Purchase programme by July 23.

The committee decided to hold the official interest rate at 0.25 percent and the Funding for Lending Programme unchanged.

Policymakers observed that the economy remains robust despite the ongoing impact from international border restrictions.

In the absence of any further significant economic shocks, more persistent consumer price inflation pressure is expected to build over time due to rising domestic capacity pressures and growing labor shortages.

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