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"The Committee discussed the effectiveness.....>

RBNZ
RBNZ: "The Committee discussed the effectiveness of the Large Scale Asset
Purchase (LSAP) programme so far. Members noted that financial markets are
functioning well and that the NZ government bond yield curve has flattened. The
Committee noted that mortgage rates have declined since the May Statement,
reducing the cost of borrowing for households and businesses. Members noted that
these mortgage rate declines have been accompanied by similar declines in
deposit rates. However, the Committee agreed that it is not yet clear whether
the monetary stimulus delivered to date is sufficient to meet its mandate."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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