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It’s the OCR that matters for inflation targeting
The Reserve Bank of New Zealand – Te Pūtea Matua – is well placed to manage the wind-down of additional monetary policy (AMP) tools, Assistant Governor Karen Silk says in a speech today to the KangaNews New Zealand Debt Capital Markets Summit 2022. The Reserve Bank made changes to its monetary policy implementation framework during the COVID-19 pandemic. The Reserve Bank’s monetary policy implementation framework sets out how the supply of settlement cash is managed to ensure short-term interest rates trade around the Official Cash Rate (OCR). This ensures that monetary policy transmits through the ... (full story)