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RBNZ Drops Hits On Sequencing Of Alternative MonPol

RBNZ

Worth looking into the MPC's comments on the sequencing of future deployment of alternative monetary policy tools. Previously, the RBNZ talked about a negative OCR used in combination with a Funding for Lending Programme (FLP) as being on the cards. With a reiteration of its forward guidance that the OCR will stay unchanged through March 2021, the MPC downplayed potential for going negative earlier, but it also sought to convey that it might deploy the FLP as soon as by the year-end. Members expressed preference for having the FLP in place by the end of 2020, pointing to staff advice supporting such a move, and said that various components of their policy "package" could be deployed independently.

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