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MNI (Sydney)

The Reserve Bank of New Zealand plans "managed sales" of bond holdings acquired as part of its NZD50 billion program of Quantitative Easing implemented during the Covid-19 pandemic.

Wednesday's Monetary Policy Statement said the the Large Scale Asset Purchase Programme (LSAP), introduced in March 2020, had provided a significant stimulus and supported the functioning of the bond market, but that "managing down" these holdings was now consistent with the central bank's policy objectives.

The portfolio of government and semi-government bonds will fall from just over NZD50 billion to under NZD10 billion by 2026 as it sells bonds and other bonds mature. The statement shows the RBNZ plans minimal sales in 2022, but the portfolio will fall to under NZD40 billion in 2023.The MPS said that in addition to selling bonds, the RBNZ would not reinvest the proceeds from bond maturities.

MNI Sydney Bureau | +61-405-322-399 |
MNI Sydney Bureau | +61-405-322-399 |

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