MSC NewsWire

Founded by Max Farndale 1947 - 2018
Saturday, 23 February 2019 22:33
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Friday, 30 November 2018 09:31

XE Update Friday 30 November, 2018

XE Update Friday 30 November, 2018
Daily Market Update From XE:   The Kiwi opens at 0.6849

  • Source A XE release
  • Record your news here Record here
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  • press releases
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Thursday, 29 November 2018 09:17

XE Update Thursday 29 November, 2018

XE Update Thursday 29 November, 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6879 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Wednesday, 28 November 2018 13:20

Government must rule out inheritance tax

28 Nov:  1321  |  If the Tax Working Group recommends an inheritance tax in all-but-name, the Government should declare it dead-on-arrival, says the New Zealand Taxpayers’ Union in response to comments made by Sir Michael Cullen in Wellington today.

  • Source A NZTaxpayers Union release
  • Record your news here With MSCNewsWire’s SpeakPipe
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  • Political
  • news talk
Wednesday, 28 November 2018 12:09

HiFX Data Update - RBNZ Financial Stability Report

HiFX Data Update - RBNZ Financial Stability Report
The RBNZ has just released its Financial Stability Report.

  • Source A XE release
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Wednesday, 28 November 2018 08:51

XE Update Wednesday 28 November, 2018

XE Update Wednesday 28 November, 2018
Daily Market Update From XE:   TThe NZDUSD opens at 0.6788 (mid-rate) this morning.

  • Source A XE release
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Tuesday, 27 November 2018 10:56

The NZ Trade Balance for October has just been released.

The NZ Trade Balance for October has just been released.
Daily Market Update From XE:   The NZDUSD opens at 0.6785 (mid-rate) this morning.They came in worse than expected:

  • Source A XE release
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Tuesday, 27 November 2018 08:27

XE Update Tuesday 27 November, 2018

XE Update Tuesday 27 November, 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6785 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Monday, 26 November 2018 08:33

XE Update Monday 26 November, 2018

XE Update Monday 26 November, 2018
Daily Market Update From XE: The NZDUSD opens at 0.6781 (mid-rate) this morning.

  • Source A XE release
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Friday, 23 November 2018 09:22

XE Update Friday, 23 November, 2018

XE Update Friday, 23 November, 2018
Daily Market Update From XE: The Kiwi opens at 0.6812

  • Source A XE release
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Thursday, 22 November 2018 07:38

XE Update Thursday, 22 November, 2018

XE Update Thursday, 22 November, 2018
Daily Market Update From XE: The NZDUSD opens at 0.6833 (mid-rate) this morning.

  • Source A XE release
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Wednesday, 21 November 2018 11:02

New Zealand can lead the world in financial technology

Nicole Buisson
New Zealand can lead the world in financial technology, or fintech, which will totally transform the financial services industry economy, Xero small business director Nicole Buisson says.

  • Source A MakeLemonade release
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  • fintech talk
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Wednesday, 21 November 2018 08:56

XE Update Wednesday, 21 November, 2018

XE Update Wednesday, 21 November, 2018
Daily Market Update From XE: The NZDUSD opens at 0.6801 (mid-rate) this morning.

  • Source A XE release
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Tuesday, 20 November 2018 08:43

XE Update Tuesday, 20 November, 2018

XE Update Tuesday, 20 November, 2018
Daily Market Update From XE: The NZDUSD opens at 0.6838 (mid-rate) this morning.

  • Source A XE release
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Monday, 19 November 2018 08:29

XE Update Monday, 19 November, 2018

XE Update Monday, 19 November, 2018
Daily Market Update From XE: The NZDUSD opens at 0.6865 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Friday, 16 November 2018 09:03

XE Update Friday, 16 November, 2018

XE Update Friday, 16 November, 2018
Daily Market Update From XE: The Kiwi opens at 0.6817 against the USD.

  • Source A XE release
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Thursday, 15 November 2018 07:44

XE Update Thursday, 15 November, 2018

XE Update Thursday, 15 November, 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6788 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Wednesday, 14 November 2018 07:46

XE Update Wednesday, 14 November, 2018

XE Update Wednesday, 14 November, 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6751 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Tuesday, 13 November 2018 08:11

XE Update Tuesday, 13 November, 2018

XE Update Tuesday, 13 November, 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6732 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Monday, 12 November 2018 08:14

XE Update Monday, 12 November, 2018

XE Update Monday, 12 November, 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6732 (mid-rate) this morning

  • Source A XE release
  • Record your news here Record here
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Friday, 09 November 2018 09:10

Unleashing NZ companies at Singapore Fintech Week 2018

Unleashing NZ companies at Singapore Fintech Week 2018
You can expect a strong presence from New Zealand fintech companies at the upcoming Singapore Fintech Week 2018, with 12 confirmed to attend the world’s largest Fintech festival.

  • Source/ReadMore An NZTE release
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  • news talk
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Friday, 09 November 2018 08:36

XE Update,Friday 09 November, 2018

XE Update,Friday 09 November, 2018
Daily Market Update From XE:   The NZD opens at 0.6776

  • Source A XE release
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Thursday, 08 November 2018 08:14

XE Update,Thursday 08 November, 2018

XE Update,Thursday 08 November, 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6789 (mid-rate) this morning.

  • Source A XE release
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Wednesday, 07 November 2018 09:15

XE Update, Wednesday 07 November, 2018

XE Update, Wednesday 07 November, 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6668 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Tuesday, 06 November 2018 08:15

XE Update, Tuesday 06, 2018

XE Update, Tuesday 06, 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6668 (mid-rate) this morning.

  • Source A XE release
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Monday, 05 November 2018 14:07

FMA and RBNZ report on bank conduct and culture

The Financial Markets Authority and Reserve Bank of New Zealand have completed their joint review into the conduct and culture of 11 New Zealand banks. The review is the first of its kind in New Zealand.

  • Source A RBNZ & FMA release
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Monday, 05 November 2018 07:57

XE Update, Monday 05, 2018

XE Update, Monday 05, 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6637 (mid-rate) this morning.

  • Source A XE release
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Friday, 02 November 2018 11:54

Improvements to data released with the MPS

The Reserve Bank will implement a change to improve the data released with the Monetary Policy Statement (MPS) from November.

  • Source A RBNZ release
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Friday, 02 November 2018 09:29

XE Update, Friday 02, 2018

XE Update, Friday 02, 2018
Daily Market Update From XE:   A big day for the NZD, opening at 0.6655

  • Source A XE release
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Friday, 02 November 2018 07:42

ASB sets blockchain trades in motion with VerifyUnion

ASB sets blockchain trades in motion with VerifyUnion
ASB has partnered with VerifyUnion, a decentralised identification platform, to launch New Zealand’s first bank blockchain single trade window.

  • Source A FinExtra release
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  • fintech talk
  • blockchain
  • news talk
  • Trade
  • factory floor articles
Thursday, 01 November 2018 07:49

XE Update, Thursday 01, 2018

XE Update, Thursday 01, 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6519 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Wednesday, 31 October 2018 07:51

XE Update, Wednesday 31 October 2018

XE Update, Wednesday 31 October 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6552 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Tuesday, 30 October 2018 07:44

XE Update, Tuesday 30 October 2018

XE Update, Tuesday 30 October 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6525 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Monday, 29 October 2018 15:47

XE Update, Monday 29 October 2018

XE Update, Monday 29 October 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6525 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Friday, 26 October 2018 09:36

XE Update, Friday 26, October 2018

XE Update, Friday 26, October 2018
Daily Market Update From XE:  The NZD opens pretty flat at 0.6512

  • Source A XE release
  • Record your news here Record here
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Thursday, 25 October 2018 08:19

XE Update, Thursday 25, October 2018

XE Update, Thursday 25, October 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6521 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Wednesday, 24 October 2018 08:19

XE Update,Wednesday 24, October 2018

XE Update,Wednesday 24, October 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6556 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Tuesday, 23 October 2018 08:39

XE Update, Tuesday 23, October 2018

XE Update, Tuesday 23, October 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6559 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Friday, 19 October 2018 08:46

XE Update, Friday 19, October 2018

XE Update, Friday 19, October 2018
Daily Market Update From XE:  The NZD opens down slightly at 0.6542 NZDUSD 0.6542 -0.3%NZDEUR 0.5711 0.2%NZDGBP 0.5025 0.5%NZDJPY 73.35 -0.6%NZDAUD 0.9216 0.0%NZDCAD 0.8561 0.3%GBPNZD 1.9898 -0.5% Pretty mixed night in the markets. Stocks are off again, which is not helping risk sentiment. The Fed came out saying that they still think gradual rate hikes are appropriate, which helps keep the USD bid. UK Retail Sales m/m missed, coming in down 0.8%, compared to -0.4% expected. This is a pretty volatile data point, but still not great. Brexit news continues to come in mixed, with the latest being that Teresa…

  • Source A XE release
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  • the factoryfloor newsreel
Thursday, 18 October 2018 09:07

XE Update, Thursday 18, October 2018

XE Update, Thursday 18, October 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6559 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Wednesday, 17 October 2018 10:34

XE Update, Wednesday 17, October 2018

XE Update, Wednesday 17, October 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6591 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Tuesday, 16 October 2018 07:48

XE Update, Tuesday 16, October 2018

XE Update, Tuesday 16, October 2018
Daily Market Update From XE:   The NZDUSD opens at 0.6548 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Monday, 15 October 2018 08:42

XE Update, Monday 15, October 2018

XE Update, Monday 15, October 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6509 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Friday, 12 October 2018 15:34

XE Update, Friday 12, October 2018

XE Update, Friday 12, October 2018
Daily Market Update From XE:  The NZDUSD opens higher at 0.6523 this morning.

  • Source A XE release
  • Record your news here Record here
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Thursday, 11 October 2018 08:50

XE Update, Thursday 11, October 2018

XE Update, Thursday 11, October 2018
Daily Market Update From XE:  The NZD opens flat against the USD at 0.6466

  • Source A XE release
  • Record your news here Record here
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Wednesday, 10 October 2018 09:00

XE Update, Wednesday 10, October 2018

XE Update, Wednesday 10, October 2018
Daily Market Update From XE:  The NZD opens at 0.6463

  • Source A XE release
  • Record your news here Record here
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Tuesday, 09 October 2018 07:45

XE Update, Tuesday 09, October 2018

XE Update, Tuesday 09, October 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6451 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Monday, 08 October 2018 08:55

XE Update, Monday 08, October 2018

XE Update, Monday 08, October 2018
Daily Market Update From XE: The NZDUSD opens at 0.6442 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Friday, 05 October 2018 12:13

XE Update, Friday 05, October 2018

XE Update, Friday 05, October 2018
Daily Market Update From XE:  The NZD opens at 0.6476

  • Source A XE release
  • Record your news here Record here
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Thursday, 04 October 2018 11:15

XE Update, Thursday 04, October 2018

XE Update, Thursday 04, October 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6529 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Wednesday, 03 October 2018 10:57

XE Update, Wednesday 03, October 2018

XE Update, Wednesday 03, October 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6595 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Tuesday, 02 October 2018 08:38

XE Update, Tuesday 02 October 2018

XE Update, Tuesday 02 October 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6615 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Monday, 01 October 2018 11:48

Report due out soon will have positive implications for New Zealanders

Any day now the Royal Commission will release its initial findings into its first ever review of the integrity systems of New Zealand’s financial system.

  • Source A MakeLemonade release
  • Record your news here With MSCNewsWire’s SpeakPipe
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  • Business
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Monday, 01 October 2018 08:51

XE Update, Monday 01 October 2018

XE Update, Monday 01 October 2018
Daily Market Update From XE:  The NZDUSD opens at 0.6617 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Friday, 28 September 2018 08:44

XE Update, Friday 28 September 2018

XE Update, Friday 28 September 2018
Daily Market Update From XE:  The NZD opens down against the USD at 0.6614

  • Source A XE release
  • Record your news here Record here
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Thursday, 27 September 2018 08:27

XE Update, Thursday 27 September 2018

XE Update, Thursday 27 September 2018
Daily Market Update From XE:  The NZDUSD opens at higher at 0.6657 this morning.

  • Source A XE release
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Wednesday, 26 September 2018 08:49

Blockworks to unveil how NZ business is rapidly changing

Blockworks, clearly the biggest and most significant event to consider the benefits and impacts of the burgeoning blockchain technology in New Zealand, will be held in Auckland on October 12.

  • Source A MakeLemonade release
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  • blockchain
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Wednesday, 26 September 2018 08:42

XE Update, Wednesday 26 September 2018

XE Update, Wednesday 26 September 2018
Today's XE release:  NZDUSD 0.6648 0.1% NZDEUR 0.5648 0.0% NZDGBP 0.5043 -0.4% NZDJPY 75.08 0.3% NZDAUD 0.9168 0.2% NZDCAD 0.8610 0.2% GBPNZD 1.9829 0.4% The NZD made small gains overnight, and the USD drifted lower ahead of Thursday mornings (6am NZ time) next dose of US Federal Reserve monetary policy tightening. The markets will be keenly focused on the Fed’s view on the US economy as well as guidance for rates for next year. US President Trump told the United Nations that the trade deficit with China “is just not acceptable.” A Chinese official said it was difficult to proceed with trade talks while the US…

  • Source A XE release
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Tuesday, 25 September 2018 08:42

XE Update, Tuesday 25 September 2018

XE Update, Tuesday 25 September 2018
Today's XE release: The NZD opens at 0.6643

  • Source A XE release
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Monday, 24 September 2018 14:37

The Journey of Te Pūtea Matua: Our Tāne Mahuta

Te Pūtea Matua is the Māori name for the Reserve Bank of New Zealand. This article presents a broad picture of Te Pūtea Matua’s heritage, role, and interdependencies both within the Bank and economy-wide.

  • Source A RBNZ release
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  • Financial
  • Business
  • news talk
Monday, 24 September 2018 08:19

XE Update, Monday 24 September 2018

XE Update, Monday 24 September 2018
Today's XE release: The NZDUSD opens at lower at 0.6660 this morning.

  • Source A XE release
  • Record your news here Record here
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Friday, 21 September 2018 09:21

XE Update, Friday 21 September 2018

XE Update, Friday 21 September 2018
Today's XE release: The NZD performed well overnight, opening at 0.6692

  • Source A XE release
  • Record your news here Record here
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Thursday, 20 September 2018 08:56

XE Update, Thursday 20 September 2018

XE Update, Thursday 20 September 2018
Today's XE release: The Kiwi opens up at 0.6616 this morning.

  • Source A XE release
  • Record your news here Record here
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Wednesday, 19 September 2018 09:46

XE Update, Wednesday 19 September 2018

XE Update, Wednesday 19 September 2018
Today's XE release:    The NZDUSD opens at higher at 0.6581 this morning.

  • Source A XE release
  • Record your news here Record here
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Tuesday, 18 September 2018 14:27

HiFX Data Update - US to impose new tariffs on USD$200 billion of China imports, effective 24th Sept

HiFX Data Update - US to impose new tariffs on USD$200 billion of China imports, effective 24th Sept
The Trump administration is set to impose tariffs on approximately USD$200 billion worth of imports from China, effective 24th September.

  • Source A XE release
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  • press releases
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  • the factoryfloor newsreel
Tuesday, 18 September 2018 08:20

XE Update, Tuesday 18 September 2018

XE Update, Tuesday 18 September 2018
Today's XE release:  The NZDUSD opens at higher at 0.6577 this morning.

  • Source A XE release
  • Record your news here Record here
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Monday, 17 September 2018 08:23

XE Update, Monday 17 September 2018

XE Update, Monday 17 September 2018
Today's XE release:  The NZDUSD opens at lower at 0.6555 this morning.

  • Source A XE release
  • Record your news here Record here
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Friday, 14 September 2018 08:53

XE Update, Friday 14 September 2018

XE Update, Friday 14 September 2018
Today's XE release:  The NZD opens at 0.6568

  • Source A XE release
  • Record your news here Record here
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Thursday, 13 September 2018 08:46

XE Update, Thursday 13 September 2018

XE Update, Thursday 13 September 2018
Today's XE release:  The NZD opens up at 0.6561

  • Source A XE release
  • Record your news here Record here
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  • press releases
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Wednesday, 12 September 2018 07:12

XE Update, Wednesday 12 September 2018

XE Update, Wednesday 12 September 2018
Today's XE release:  The NZDUSD opens at lower at 0.6516 this morning.

  • Source A XE release
  • Record your news here Record here
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  • press releases
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Tuesday, 11 September 2018 07:34

XE Update, Tuesday 11 September 2018

XE Update, Tuesday 11 September 2018
Today's XE release:  The NZDUSD opens at 0.6525 (mid-rate) this morning.

  • Source A XE release
  • Record your news here Record here
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Monday, 10 September 2018 08:33

XE Update, Monday 10 September 2018

XE Update, Monday 10 September 2018
Today's XE release:  The NZDUSD opens at 0.6535 (mid-rate) this morning.

  • Source A XE release
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Friday, 07 September 2018 09:58

Geopolitics, New Zealand and the winds of change

A long-term focus is key to promoting economic growth and developing a healthy financial ecosystem, Reserve Bank Governor Adrian Orr said today.

  • Source A RBNZ release
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Friday, 07 September 2018 09:54

XE Update, Friday 07 September 2018

XE Update, Friday 07 September 2018
Today's XE release:  The NZD opens unchanged at 0.6595.

  • Source A XE release
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Thursday, 06 September 2018 07:41

XE Update, Thursday 06 September 2018

XE Update, Thursday 06 September 2018
Today's XE release:  The NZDUSD opens at 0.6593 (mid-rate) this morning.

  • Source A XE release
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Wednesday, 05 September 2018 07:46

XE Update, Wednesday 05 September 2018

XE Update, Wednesday 05 September 2018
Today's XE release:  The NZDUSD opens at 0.6553 (mid-rate) this morning.

  • Source A XE release
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Monday, 03 September 2018 08:10

XE Morning Update, Monday 03 September 2018

XE Morning Update, Monday 03 September 2018
Today's XE release:  The NZDUSD opens at 0.6615 (mid-rate) this morning.

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Friday, 31 August 2018 08:45

XE Morning Update, Friday 31 August 2018

XE Morning Update, Friday 31 August  2018
Today's XE release:   The NZDUSD opens at lower at 0.6646 this morning.

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Thursday, 30 August 2018 08:06

XE Morning Update, Thursday 30 August 2018

XE Morning Update, Thursday 30 August  2018
Today's XE release:  The NZDUSD opens at 0.6713 (mid-rate) this morning..

  • Source A XE release
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Wednesday, 29 August 2018 07:29

XE Morning Update, Wednesday 29 August 2018

XE Morning Update, Wednesday 29 August 2018
Today's XE release:  The NZDUSD opens at 0.6715 (mid-rate) this morning.

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Tuesday, 28 August 2018 08:02

XE Morning Update, Tuesday 28 August 2018

XE Morning Update, Tuesday 28 August 2018
Today's XE release:   The NZDUSD opens at 0.6695 (mid-rate) this morning.

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Monday, 27 August 2018 10:32

Hold history in your hand

Hold history in your hand with one of the legal tender coloured circulating fifty-cent coins, minted to commemorate the centennial of Armistice Day, 11 November, when the First World War ended.

  • Source A RBNZ release
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Monday, 27 August 2018 08:27

XE Morning Update, Monday 27 August 2018

XE Morning Update, Monday 27 August 2018
Today's XE release:   The NZDUSD opens at 0.6680 (mid-rate) this morning.

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Friday, 24 August 2018 15:14

New data on the financial health of banks published

New data on the financial health of New Zealand registered banks was published on the Bank Financial Strength Dashboard today.

  • Source A RBNZ release
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Friday, 24 August 2018 09:06

How Banks Are Teaming Up To Bring Blockchain To Trade Finance

Trade finance has seen more successful blockchain pilots than other use cases, but will historically conservative banks have the same risk appetite to move from testing to full-scale production?Where is this data coming from?

  • Source/ReadMore A CB Insights release
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Friday, 24 August 2018 08:52

XE Morning Update, Friday 24 August 2018

XE Morning Update, Friday 24 August 2018
Today's XE release   The NZDUSD opens at lower at 0.6636 this morning.

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Thursday, 23 August 2018 07:17

XE Morning Update, Thursday 23 August 2018

XE Morning Update, Thursday 23 August 2018
Today's XE release   The NZDUSD opens at 0.6697 (mid-rate) this morning.

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Wednesday, 22 August 2018 14:17

XE Morning Update, Wednesday 22 August 2018

XE Morning Update, Wednesday 22 August 2018
Todays HIFX release   The NZDUSD opens at 0.6688 (mid-rate) this morning.

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Tuesday, 21 August 2018 08:14

HIFX Morning Update, Tuesday 21 August 2018

HIFX Morning Update, Tuesday 21 August 2018
Todays HIFX release The NZDUSD opens at 0.6632 (mid-rate) this morning.

  • Source A HIFX release
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Friday, 20 July 2018 08:38

Potential to NZ fintech exports huge

Potential to NZ fintech exports huge
The potential for New Zealand tech exports will be huge when direct free trade post-Brexit opens with the United Kingdom, a leading fintech expert says.

  • Source A MakeLemonade release
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Wednesday, 11 July 2018 07:41

NZ fin services need to be even more transparent

Now is the time for Kiwi financial services to be more transparent following banking issues in the United Kingdom and Australia, a leading New Zealand financial tech expert says.

  • Source A MakeLemonade release
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Wednesday, 06 June 2018 09:15

Monetary Policy Challenge national finalists announced

Teams from six secondary schools have been chosen as finalists in the Reserve Bank’s Monetary Policy Challenge.

  • Source A RBNZ release
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Wednesday, 30 May 2018 14:21

Financial Services Conduct and Culture Review

The Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA) today briefed the Finance and Expenditure Select committee on the Australian Royal Commission (RC) into Misconduct in Banking, Superannuation and Financial Services Industry, and the response by regulators in New Zealand.The Australian RC was established on 14 December 2017 in response to a series of known, misconduct incidents widespread within financial services over a lengthy period. The RC is expected to issue an initial report in September 2018 and a final report, with recommendations, by February 2019.New Zealand regulators’ responseNew Zealand regulators have been monitoring the RC…

  • Source RBNZ
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Thursday, 24 May 2018 14:17

Fintech Innovation Challenge finalists announced

Fintech Innovation Challenge finalists announced
Paymark congratulates the finalists in the 2018 Fintech Innovation Challenge and is delighted by the calibre of the award entries.

  • Source BizEDGE
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Wednesday, 23 May 2018 14:34

New Reserve Bank dashboard to shed light on banks' liquidity, profitability and capital adequacy

Until now, getting a clear picture of how the country's banks stack up against each other could be a tortuous process, involving trawling through various bank sites, or a large and relatively incomprehensible spreadsheet on the Reserve Bank site.

  • Source/ReadMore Sharechat
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Wednesday, 23 May 2018 12:23

Bulletin article discusses unconventional monetary policy since the Global Financial Crisis

An article published today in the Reserve Bank Bulletin examines the international experience of several central banks since the global financial crisis of 2007/08, and considers the potential for such policies in the New Zealand environment.

  • Source/ReadMore A RBNZ release
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Thursday, 10 May 2018 15:12

Robertson affirms Budget 2018 includes $42B of capital spending over next 5 years

Finance Minister Grant Robertson confirmed plans for $42 billion of net capital spending over the next five years in his latest pre-budget speech to the Wellington Chamber of Commerce this afternoon
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Thursday, 10 May 2018 09:05

Official Cash Rate unchanged at 1.75 percent

Statement by Reserve Bank Governor Adrian Orr:
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Wednesday, 09 May 2018 08:29

Bank profits race ahead of rest of NZ's earnings

The country's four big Australian-owned banks have made handsome half year profits, raking in a combined $2.5 billion saysSusan Edmunds on Stuff's BusinessToday
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Tuesday, 01 May 2018 16:38

SALT Price Analysis – A smart contract lending platform which use crypto-backed collateral

SALT is a loan platform that aims to marry the old and new world of finance by enabling cryptocurrency collateralized blockchain-backed loans with smart contracts.
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Monday, 30 April 2018 10:27

Armistice Day coin: keep me, spend me, remember me

Armistice Day coin: keep me, spend me, remember me
The Reserve Bank today announced in October it will issue a colour circulating legal tender 50 cent coin to mark the centenary of Armistice Day.
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Tuesday, 24 April 2018 09:35

Government pressures Payments NZ to have open banking technology and standards ready to go

Apr 24 - Commerce and Consumer Affairs Minister Kris Faafoi wants to see “more momentum” from Payments NZ as it moves to pave the way for open banking. Speaking to interest.co.nz, Faafoi says he's “happy” with the work the bank-owned organisation has done; piloting a piece of technology that banks and …
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Thursday, 19 April 2018 11:08

Bulletin article discusses digital currencies

Bulletin article discusses digital currencies
Digital currencies feature in an article published today in the Reserve Bank Bulletin that outlines different forms of digital currencies.
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Tuesday, 17 April 2018 21:05

Strong govt books offer scope to meet infrastructure deficit: IMF

Apr 17 - The International Monetary Fund gave an optimistic opinion on New Zealand's economic outlook, with the pace of growth seen staying around 3 percent, and says the strong Crown books offer enough headroom to meet the needs of an expanding population
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Monday, 16 April 2018 11:09

Bulletin article discusses New Zealand labour force participation developments

Apr 16 -  An article published today in the Reserve Bank Bulletin compares labour supply developments across the OECD and examines how New Zealand is placed.
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Thursday, 29 March 2018 09:44

Bank of China registered as a bank

Mar 29, 2018  - The Reserve Bank today registered Bank of China to provide banking services in New Zealand.
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Monday, 26 March 2018 09:42

New PTA requires Reserve Bank to consider employment alongside price stability mandate

Mar 26, 2018  -  Finance Minister Grant Robertson and incoming Reserve Bank Governor Adrian Orr today signed a new Policy Targets Agreement (PTA) setting out specific targets for maintaining price stability and a requirement for employment outcomes to be considered in the conduct of monetary policy.
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Monday, 26 March 2018 08:45

New Zealand becoming global centre for blockchain

New Zealand becoming global centre for blockchain
Mar 26, 2018  -  New Zealand is becoming a global blockchain centre, FintechNZ general manager James Brown says. New Zealand is a living laboratory for global tech developments and inventions and Kiwis are producing blockchain businesses that have a global market place, he says.
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Thursday, 22 March 2018 12:14

Cryptocurrency investment platform debuts in NZ

Cryptocurrency investment platform debuts in NZ
New Zealand-based financial services company Ilumony has launched a cryptocurrency portfolio investment platform that is it says is designed to make the cryptocurrency investment accessible to everyone writes Stuart Corner for ComputerWorld.
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Wednesday, 21 March 2018 07:49

Blockchain to save shippers millions

Blockchain to save shippers millions
A consortium comprising AB InBev, Accenture, APL, Kuehne + Nagel and a European customs organisation has successfully tested a blockchain system that can eliminate the need for printed shipping documents and save the freight and logistics industry hundreds of millions of dollars annually, Accenture said.
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Saturday, 17 March 2018 12:30

Is There a Future for Cryptos?

Is There a Future for Cryptos?
All appears quiet in the world of crypto.   The roaring optimism we saw last year has died down considerably. With bitcoin falling 50% to US$9,900, the headlines are no longer shouting, ‘It could hit 1 million’. And as for the other all-star coins, well, they haven’t been faring much better either.
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Wednesday, 28 February 2018 12:50

Disclosure a cornerstone, says Reserve Bank

Feb 28, 2018  - Public disclosure is a cornerstone of the Reserve Bank’s approach to prudential regulation and supervision.
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Friday, 16 February 2018 08:01

Tax changes dampen property speculation

Feb 16, 2018  -  Revenue Minister Stuart Nash has confirmed the bright-line test on residential property sales will be extended from two years to five years in legislation currently making its way through Parliament.
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Thursday, 21 December 2017 11:11

China Construction Bank Corporation registered as a bank

Dec 21, 2017  -   The Reserve Bank today registered China Construction Bank Corporation to provide banking services in New Zealand. China Construction Bank Corporation is incorporated in the People’s Republic of China and will operate in New Zealand as a branch. A New Zealand subsidiary of the China Construction Bank Corporation has been registered to provide banking services in New Zealand since July 2014. There are now 25 registered banks in New Zealand. More information: Register of banks. | A RBNZ release  ||  December 21, 2017   |||    
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Wednesday, 20 December 2017 10:49

Current account deficit narrows to $1.3 billion

Dec 20, 2017  - New Zealand's seasonally adjusted current account deficit for the September 2017 quarter narrowed to $1.3 billion, Stats NZ said today. This is $183 million smaller than the June quarter's deficit and was driven by a fall in imported goods. The current account balance records the value of New Zealand’s transactions with the rest of the world in goods, services, and income. When we have a current account deficit, it implies foreigners earn more from New Zealand than we earn from overseas economies. It is an important measure of the health of the economy. Goods deficit smallest…
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Wednesday, 13 December 2017 13:51

Appointment of Adrian Orr to RBNZ a signal for change?

Dec 13, 2017  - The appointment of Adrian Orr to be the new Governor of the Reserve Bank of New Zealand (RBNZ) appears to be a good move by the Minister of Finance. To be really effective, however, Mr Orr will need to take seriously the issue of our sustained overvalued exchange rate over the last decade which has played a role in holding back export growth. “We are hopeful the appointment of someone from has worked inside the RBNZ, but also had a very successful career outside since, signals a willingness for reform within the bank, given the review…
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Wednesday, 29 November 2017 11:12

Reserve Bank to ease LVR restrictions

Nov 29, 2017  -  New Zealand’s financial system remains sound and risks to the system have reduced over the past six months, Reserve Bank Governor Grant Spencer said today when releasing the Bank’s November Financial Stability Report.  “Momentum in the global economy has continued to build over the past six months, reducing near-term risks to financial stability. However, the New Zealand financial system remains exposed to international risks related to elevated asset prices and high levels of debt in a number of countries. “Domestically, LVR policies have been in place since 2013 to address financial stability risks arising from rapid…
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Tuesday, 28 November 2017 12:13

Asia’s Where It’s At for Kiwi Fintech Startups

Asia’s Where It’s At for Kiwi Fintech Startups
Nov 28, 2017  -  New Zealand FinTech startups need to be braver and take advantage of rapid innovation and change happening in Asia, says a Kiwi-Asian business and technology trade expert working to attract Asian FinTech startups to take part in version 2.0 of Kiwibank’s FinTech Accelerator, run in partnership by Kiwibank and Creative HQ.  Darshan Shetty, of Auckland and Beijing-based Xing Cheng Xing (Rising Star), says Kiwi startups can learn much from what’s happening in FinTech markets in China, India and Vietnam. Many Kiwi ventures are too focused on breaking into the United States and European markets, Shetty says.…
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Monday, 27 November 2017 09:32

So much cash in a cashless society

Nov 27, 2017  -  New Zealanders increasingly think we're moving to a cashless society. So why has the amount of cash held in New Zealand more than trebled in the last 20 years? Lynn Grieveson looks at whether criminals, tradies or abusers of migrant workers are responsible.  Half of New Zealanders think that we won't be using cash in ten years' time, and over two-thirds rarely carry cash now, yet new research shows that the amount of cash in circulation has grown over the past decade, outpacing the growth in GDP. The Federal Research Bank of San Francisco released research…
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Tuesday, 21 November 2017 09:42

FMA releases KiwiSaver Tracker

FMA releases KiwiSaver Tracker
Nov 21, 2017  -  The FMA has today published KiwiSaver data in an interactive format to prompt discussion, engagement and debate on the relationship between investment risk, returns and fees.  The FMA KiwiSaver Tracker uses the information KiwiSaver providers give investors through their quarterly fund updates and via the Companies Office’s Disclose Register. These updates are a legal requirement and the Tracker will automatically incorporate the new information every three months. The Tracker is part of the FMA’s ongoing focus on using disclosure to drive good conduct by providers and informed investor decision-making. The tracker complements other existing independent sources…
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Friday, 17 November 2017 15:58

Reserve Bank consults on new mortgage bond collateral standard

17 Nov 2017  -  The Reserve Bank today published a consultation paper proposing an enhanced mortgage bond standard aimed at supporting confidence and liquidity in the financial system.  This follows a review of domestic and international mortgage bond collateral standards. When the Reserve Bank lends to banks and other counterparties it does so against ‘eligible collateral’ (usually lower risk financial assets). Mortgage Bonds are a key form of eligible collateral in many countries with the Reserve Bank first accepting them in response to the global financial crisis when its lending to the banking system increased significantly. In New Zealand mortgage…
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Wednesday, 15 November 2017 14:10

Westpac capital requirements increased after breaching regulatory obligations

15 Nov 2017  -  Westpac New Zealand Limited (Westpac) has had its minimum regulatory capital requirements increased after it failed to comply with regulatory obligations relating to its status as an internal models bank.  Internal models banks are accredited by the Reserve Bank to use approved risk models to calculate how much regulatory capital they need to hold. Westpac used a number of models that had not been approved by the Reserve Bank, and materially failed to meet requirements around model governance, processes and documentation. “This is very disappointing. Operating as an internal models bank is a privilege that requires…
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Thursday, 09 November 2017 09:39

Official Cash Rate unchanged at 1.75 percent

9 Nov 2017  -  Statement by Reserve Bank Governor Grant Spencer:  The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent.  Global economic growth continues to improve, although inflation and wage outcomes remain subdued. Commodity prices are relatively stable. Bond yields and credit spreads remain low and equity prices are near record levels. Monetary policy remains easy in the advanced economies but is gradually becoming less stimulatory. The exchange rate has eased since the August Statement and, if sustained, will increase tradables inflation and promote more balanced growth. GDP in the June quarter grew broadly in…
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Tuesday, 07 November 2017 10:31

Renewed Policy Targets Agreement signed

Renewed Policy Targets Agreement signed
7 Nov  -  Finance Minister Grant Robertson and Reserve Bank Governor Grant Spencer today signed an unchanged Policy Targets Agreement (PTA), which sets out specific targets for maintaining price stability. The Minister also released today the Terms of Reference for a Review of the Reserve Bank Act.  The Policy Targets Agreement, effective immediately, is the same as that signed by Mr Spencer and the previous Finance Minister Steven Joyce, which has been in effect since Mr Spencer’s six-month term as Governor began on 27 September. The PTA requires the Reserve Bank to keep future CPI inflation outcomes between 1 per…
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Friday, 03 November 2017 09:33

China Construction Bank joins NZ Bankers Association

The New Zealand Bankers Association announced today that the China Construction Bank (New Zealand) Ltd has joined the association, bringing the total number of member banks to 17. New Zealand Bankers Association chief executive Karen Scott-Howman says: We are delighted to welcome CCBNZ to the Bankers Association. China is one of New Zealands most important trading partners. Having Chinese banks here helps support this trading relationship. CCBNZs participation in the New Zealand banking industry promotes further competition and diversity in our banking sector, says Scott-Howman. China Construction Bank (New Zealand) chief executive Jun Qi says: CCB is one of the…
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Tuesday, 31 October 2017 16:27

The First FinTech To Go Global – The PayPal Story

The First FinTech To Go Global – The PayPal Story
31 Oct:  The word “FinTech” (financial technology) has been thrown around as of late by hundreds, if not thousands, of startups looking to capitalize on the e-commerce coverage that the growing industry has been receiving. A FinTech, according to definition, is a company that uses new technology in the financial world. Originally, it was a term used to define the back end technology of established financial institutions. Today, the term is used much more broadly and includes new financial technologies, such as Bitcoin, various e-wallet apps and capital marketplaces like Kickstarter. These companies attempt to disrupt the established financial sector…
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Friday, 06 October 2017 09:04

Strong economy delivers $4.1 billion surplus

Strong economy delivers $4.1 billion surplus
The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. “The 2016/17 Crown accounts are a direct demonstration of the hard work of New Zealanders since the Global Financial Crisis and the benefit of a strong economic plan that is delivering consistent growth,” Mr Joyce says. Core Crown tax revenue was $75.6 billion for the 2016/17 year, up 7.4 per cent from the previous year with all major…
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Friday, 29 September 2017 10:16

NZ economy and financial system sound

New Zealand’s economy and financial system remain on a sound footing despite continuing challenges in the global environment, according to the Reserve Bank’s Annual Report 2016-17 released today. The 2016-17 financial year saw a pickup in economic activity in most major economies, although inflation and wage pressures remained subdued Supported by improving domestic economic conditions, the New Zealand banking system remains sound and well capitalised. “As a small, open economy, developments beyond our shores have a large influence on New Zealand’s economic outcomes,” former Governor Graeme Wheeler says in the Report. Mr Wheeler finished his term as Governor on 26…
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Wednesday, 30 August 2017 13:54

Reserve Bank policy a key driver in economic performance

The Reserve Bank’s monetary policy has been an important driver in the last five years behind above-trend growth in the economy and employment, Reserve Bank Governor Graeme Wheeler said today in a speech. Speaking to the Northern Club in Auckland, Mr Wheeler said that the New Zealand economy has generally performed well in the last five years. “It’s been a remarkable five years, especially with the challenges thrown up by the global economy and an over-heated domestic housing market. On the international front we’ve seen increasing use of unconventional monetary policies, sluggish international trade, sharp swings in commodity prices, a…
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Tuesday, 29 August 2017 12:30

RBNZ appoints Assistant Governor, Head of Operations

The Reserve Bank has appointed Sean Mills as Assistant Governor and Head of Operations. Mr Mills will take up his appointment on 29 November 2017. He is currently Chief Information Officer at the Department of Corrections. As Assistant Governor and Head of Operations, Mr Mills will replace Deputy Governor Geoff Bascand, who will take up the Head of Financial Stability role on 27 September, when Grant Spencer becomes Acting Governor for six months. “Mr Mills is an experienced senior leader and business governance chair, has worked on a number of cross-government strategic initiatives, and has over 15 years’ prior experience…
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Thursday, 24 August 2017 09:13

Slightly softer growth expected in PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. “The softer growth New Zealand has experienced in the six months to March flows through to a lower starting point in the 2017/2018 year,” Mr Joyce says. “The net effect is that growth is slightly lower through the forecast period – averaging 3.0 per cent over the next four years rather than the 3.1 per cent predicted in the Budget. “The other notable change is that Treasury expects the labour market to…
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Wednesday, 16 August 2017 11:10

Inflation targeting practices similar across central banks

Inflation targeting practises are similar across many central banks despite significant differences in their formal frameworks, says the Reserve Bank in its latest Bulletin article published today. The Bulletin article titled “An international comparison of inflation targeting frameworks” looks at how New Zealand’s Policy Targets Agreement compares to nine other advanced economy central banks, and how the specifications in each framework compare to the actual practice of each central bank. “In order to conduct the comparison we focused on five components of an inflation-targeting framework: the inflation target definition, communication of monetary policy, secondary considerations, assessment of inflation-targeting performance, and…
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Monday, 14 August 2017 11:11

Video series for Money Week 2017

To support Money Week 2017, the Reserve Bank and the Commission for Financial Capability have collaborated in a series of videos to encourage people to better manage their debt and talk more freely about their finances. The videos focus on this year’s Money Week theme of ‘debt’ and feature some of the families associated with our banknotes and connects with other pioneering New Zealanders, and the Queen, who appear on our Brighter Money banknotes. Watch the videos |  A RBNZ release  ||  August 14,  2017   |||
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Thursday, 10 August 2017 09:56

Official Cash Rate unchanged at 1.75 percent

Statement by Reserve Bank Governor Graeme Wheeler: The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent. Global economic growth has become more broad-based in recent quarters. However, inflation and wage outcomes remain subdued across the advanced economies, and challenges remain with on-going surplus capacity. Bond yields are low, credit spreads have narrowed and equity prices are at record levels. Monetary policy is expected to remain stimulatory in the advanced economies, but less so going forward. The trade-weighted exchange rate has increased since the May Statement, partly in response to a weaker US dollar. A lower…
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Wednesday, 02 August 2017 09:28

Simple, conservative approach for prudential supervision

The Reserve Bank aims to improve the effectiveness of its prudential regulation through a combination of simpler regulations and bolstering its supervisory activities. Deputy Governor Grant Spencer said in a speech to the Kanga News Capital Markets Conference today that the Bank is considering how it might improve its regulatory framework. Two catalysts in this regard are the recent IMF Financial Sector Assessment Program (FSAP) report, and the Bank’s recently initiated review of bank capital adequacy. “We must maintain the high international reputation of the New Zealand financial system. Within that, we seek to maintain and build on the Bank’s…
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Friday, 28 July 2017 10:58

External expert reviews forecasting processes RBNZ

An external central banking expert has commended the Reserve Bank’s forecasting and monetary policy decision-making processes. As part of good practice peer review, the Bank regularly commissions reviews by external experts of its forecasting and monetary policy decision-making processes. It has modified its processes over the years in light of their findings. Dr Philip Turner, former Deputy Head of the Monetary and Economic Department and a member of Senior Management of the Bank for International Settlements (BIS), was requested to attend the February 2017 forecasting round, report on his assessment of the process, and make recommendations where relevant. This issue…
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Wednesday, 26 July 2017 08:48

How the Reserve Bank thinks about the trends in the New Zealand economy

Understanding key trends in the economy is crucial for the Reserve Bank, even though the trends can only be estimated and never directly observed and measured. Assistant Governor and Head of Economics Dr John McDermott said today that three trends were particularly important: the neutral interest rate; potential output growth; and the equilibrium real exchange rate. “These trends are the anchors around which we aim to stabilise the economy, and thereby inflation over the medium term,” Dr McDermott said in a speech. “While these trends are unobservable and the Reserve Bank has no control over them, they’re important to pin…
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Thursday, 20 July 2017 11:20

Bulletin article reviews outcomes of IMF’s Financial Sector Assessment Programme

The Reserve Bank has released a Bulletin article reviewing the outcomes of the International Monetary Fund’s (IMF) latest Financial Sector Assessment Programme (FSAP) for New Zealand. An FSAP is a comprehensive review of a country’s financial system against international standards, with a particular focus on the quality of financial sector regulation. The Bulletin article explains the considerable amount of preparatory work that the Reserve Bank and other New Zealand agencies undertook to support the IMF’s two missions to New Zealand in 2016. The results of the IMF’s assessment were released in early May 2017. They included more than 100 recommendations,…
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Wednesday, 19 July 2017 10:35

Reserve Bank outlines stance on cyber issues

Firms in the finance sector, regulators, and other authorities all have a part to play in managing cyber security risks while still benefiting from the opportunities of new financial technology. “The dynamic cyber environment means organisations have to be nimble in their approach to cyber security - focused on outcomes, rather than prescriptive compliance exercises,” Reserve Bank Head of Prudential Supervision, Toby Fiennes, said in a speech delivered today to the Future of Financial Services conference, in Auckland. He said that cyber-attack poses a significant threat to the global financial system, as shown by the ‘WannaCry’ ransom-ware attack that affected…
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Monday, 17 July 2017 13:37

Reserve Bank says lower external debt is encouraging, but some risks remain

A large improvement in New Zealand’s net foreign liabilities as a share of GDP since 2009 makes the economy less vulnerable to shocks, Deputy Governor Geoff Bascand said in a speech today. “New Zealand’s net foreign liabilities – what we owe to the rest of the world, broadly speaking – reached nearly 85 percent of GDP at the start of 2009 but now they are down to 58.5 percent of GDP, their lowest level since the late-1980s,” Mr Bascand said. “New Zealand has become less reliant on offshore funding over the past decade, and the maturity of bank borrowing has…
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Friday, 14 July 2017 11:56

Reserve Bank consults on what should qualify as bank capital

The Reserve Bank has started a public consultation about what type of financial instruments should qualify as bank capital. Capital regulations address not only the minimum amount of capital that banks must hold, but also the type of financial instruments that qualify as capital. The consultation that starts today is about the nature of financial instruments that are suitable, rather than the amount of capital. Important considerations for regulations about bank capital include: the Reserve Bank’s regulatory approach; the resolution regime in the event of a bank facing difficulties; international standards issued by the Basel Committee on Banking Supervision; the…
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Thursday, 13 July 2017 14:55

Reserve Bank and MBIE open public consultation on foreign margin requirements for OTC derivatives

The Reserve Bank of New Zealand and the Ministry of Business, Innovation and Employment have started a public consultation on the implications for New Zealand of foreign margin requirements for over-the-counter derivatives. New Zealand has no margin requirements in over-the-counter derivatives, but several banks registered to operate in New Zealand will likely have to comply with margin rules being implemented in foreign jurisdictions. Margins is collateral exchanged by derivative market participants in order to protect against the risk posed by credit exposures and to reduce the risks of financial market contagion if a derivative contract counter-party defaults. Some features in…
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Wednesday, 12 July 2017 10:06

Brighter Money banknotes’ security features

Brighter Money banknotes’ security features
The Reserve Bank has developed a short video to help the public identify the ‘real deal’ Brighter Money banknote. The video explores the banknote’s sophisticated security features, showing the public how to identify a genuine banknote by the ‘look, feel and tilt’ sensory approach used by other central banks to identify a counterfeit. “Being able to identify a real New Zealand Series 7 Brighter Money banknote is important to maintaining New Zealand’s low counterfeit rate,” says Reserve Bank Head of Currency, Property and Security Steve Gordon. "New Zealand has a low counterfeit rate by international standards and the Bank wants…
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Monday, 10 July 2017 09:28

50 years of decimal currency

Today signals 50 years of decimal currency in New Zealand and the Bank is marking the anniversary with a new display in its Museum and Education Centre. This coincides with a new Bulletin article titled “A litmus test for society: Reserve Bank decimal note designs 1967-2017” which traverses New Zealand’s currency as it showcases national and cultural identity. It is accompanied by a downloadable timeline poster showing all seven series of Reserve Bank notes released since 1934. Reserve Bank Governor Graeme Wheeler said “This milestone is a great opportunity to reflect on a point in time and see how our…
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Wednesday, 28 June 2017 09:25

Statement of Intent outlines RBNZ’s priorities

The Reserve Bank's commitment to price and financial stability in an uncertain global environment is underlined in the Bank's Statement of Intent (SOI) for 2017-2020. The Reserve Bank supports economic growth by targeting price stability, promoting a sound and efficient financial system, and meeting the public's currency needs. The SOI, signed off on 16 June, outlines the nature of the Bank’s work programme over the next three years. The Bank’s nine strategic priorities are framed around three themes: enhancing the Bank’s policy frameworks; continuing to strengthen the Bank’s internal and external engagement; and improving infrastructure and reducing enterprise risk. "The…
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Tuesday, 27 June 2017 09:18

Reserve Bank broadens engagement with stakeholders

The Reserve Bank continues to broaden its engagement with a diverse range of stakeholders to provide accountability, and to promote understanding and dialogue, Head of Communications, Mike Hannah, said in a speech released today. Speaking to the Canterbury branch of the Institute of Directors in Christchurch yesterday evening, Mr Hannah said that the Bank’s relationships were crucial to achieving the Bank’s policy objectives. “We rely heavily on the behaviours of households and businesses being consistent with our policy objectives, ranging from their expectations of price stability and bank resilience, or credit growth, to confidence in banknotes and the payments systems,”…
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Saturday, 17 June 2017 14:36

Bulletin article outlines recent developments in financial market benchmarks

An article published today in the Reserve Bank Bulletin provides an overview of the importance of benchmarks, which are used to price, value and evaluate financial market transactions. The Bulletin article notes the need for financial market benchmarks to be reliably measured, transparent and supported by strong governance arrangements. The article also explores the way that regulators worldwide are implementing reforms for interest rate benchmarking systems and processes. This follows the erosion in trust in benchmarks that occurred after the LIBOR scandal, where a number of international banks in London were found to have manipulated the LIBOR benchmark interest rates.…
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Thursday, 15 June 2017 15:19

Bulletin article reviews current economic expansion

The sensitivity of the New Zealand economy to global developments has been underlined in the Reserve Bank Bulletin. An article published today examines the current economic expansion since 2009, comparing it with earlier expansions in order to highlight current features. The current period has unique characteristics. While this economic expansion has in part been shaped by the Canterbury rebuild, the rebuild itself has been less inflationary than the Reserve Bank initially feared. This current expansion also includes the largest net immigration cycle (as a share of working age population) since at least the late 1970s, but the consequences for inflationary…
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Wednesday, 14 June 2017 19:39

Reserve Bank offers to purchase NZ Government December 2017 nominal bonds

As is usual ahead of a government bond maturity, and as advised by the New Zealand Debt Management Office on 25 May 2017, the Reserve Bank offers to purchase NZ government bonds maturing 15 December 2017 for liquidity management purposes. Purchases will either be held to maturity on the Bank's balance sheet, or on-sold to the New Zealand Debt Management Office (where the bonds will be cancelled). This offer opens at 10:00am on 19 June 2017 and will remain open until further notice. Interested parties should telephone their offers, volume and rate, to the Domestic Markets section on (04) 472…
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Tuesday, 06 June 2017 11:24

Strong Crown Accounts in April

The Government accounts for the ten months to 30 April 2017 show a surplus of $2.5 billion, although about $1 billion of that is due to timing differences that are expected to reverse out in May, Finance Minister Steven Joyce says. “While the accounts for the year-to-date are $1.6 billion stronger than was forecast at the Budget Economic and Fiscal Update, the bulk of this change is due to a timing difference of company taxes,” Mr Joyce says. “Treasury and Inland Revenue expect most of that to reverse in May, and at this stage Treasury expects the 2016/17 accounts to…
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Thursday, 01 June 2017 06:33

Can we avoid another financial crisis?

Can we avoid another financial crisis?
In his most recent book, Can We Avoid Another Financial Crisis? Steve Keen leaves readers in little doubt he believes we're heading that way unless we adopt a fundamentally different approach to private debt.  Australian Steve Keen was one of only a handful of economists to predict the Global Financial Crisis. He says it’s all about debt – specifically private debt. “We’re focussing on the wrong topic. We’re so focussed on government debt, what actually caused the crisis was run away private debt.” And he says there are a number of ‘debt zombies’ in the world economy - New Zealand…
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Wednesday, 31 May 2017 09:12

New Zealand’s financial system is sound but continues to face risks

New Zealand’s financial system remains sound and the risks facing the system have reduced in the past six months, Reserve Bank Governor Graeme Wheeler said today when releasing the Bank’s May Financial Stability Report. “The outlook for the global economy has been improving but global political and policy uncertainty remains elevated and debt burdens are high in a number of countries. A sharp reversal in risk sentiment could lead to higher funding costs for New Zealand banks and an increase in domestic borrowing costs. New Zealand’s banks are vulnerable to these risks because of their increasing reliance on offshore funding…
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Monday, 29 May 2017 08:37

FMA survey: Investor confidence bounces back

NewsMedia releasesReleases from the MinisterWarnings and alertsReports and papersSpeeches and presentationsIMF 2016 review of NZFMA UpdateRegulation updatesCases before the courtsInvestigationsEnforcement actionsCourt decisions Major disruptions in world events over the last year have not dented New Zealanders’ confidence in financial markets. The FMA today released its annual survey into the public’s attitude to financial markets. The survey shows that confidence has risen significantly to 65% among all respondents, from 56% in 2016. Investor confidence in the markets has reached its highest level (69%) since the FMA started the survey in 2013, when the score was 58%. Confidence in the effective regulation…
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Friday, 26 May 2017 10:10

RBNZ and FMA welcome new foreign exchange market Global Code of Conduct

The Reserve Bank and Financial Markets Authority have welcomed the release of a new code to promote good practice in the international foreign exchange market. The new Global Code of Conduct for the Foreign Exchange Market was released in London by the Bank for International Settlements last night. It was developed by central banks and foreign exchange market participants from 16 international jurisdictions. “The code of conduct applies to both those buying and selling foreign exchange and is a principles-based code rather than a rules-based code,” said Reserve Bank Deputy Governor Grant Spencer. “It aims to create greater confidence in…
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Tuesday, 09 May 2017 08:38

IMF releases New Zealand FSAP findings and recommendations

The International Monetary Fund (IMF) has declared New Zealand’s banking system to be resilient, but nevertheless recommended ways to improve the strength of the country’s financial sector and the regulatory framework. In releasing the findings from its Financial Sector Assessment Programme (FSAP) overnight, the IMF said that the banking system is well-placed to manage risks and vulnerabilities associated with current developments in the housing sector, the high level of household debt, and low dairy prices. The FSAP included a range of ‘stress tests’ of the large New Zealand banks. The report states that New Zealand has a good institutional framework…
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Monday, 01 May 2017 16:00

Reserve Bank seeks views about capital adequacy for banks

The Reserve Bank today published an issues paper that seeks views about the regulation of capital adequacy for banks. The Bank is conducting a broad ranging capital review, as foreshadowed in a speech by Deputy Governor Grant Spencer in March. The review aims to identify the most appropriate capital adequacy framework, taking into account experience with the current framework and international developments. The review will consider the definition of regulatory capital, the measurement of risk-weighted exposures, and the minimum capital ratios that apply to locally incorporated banks. The issues paper marks the first public consultation as part of the review.…
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Wednesday, 26 April 2017 10:45

Reserve Bank Head of Financial Stability appointed

Deputy Governor Geoff Bascand has been appointed Head of Financial Stability and Deputy Chief Executive of the Reserve Bank, Governor Graeme Wheeler and Acting Governor-designate Grant Spencer announced today. Mr Bascand will take up the role on 27 September, replacing Mr Spencer, who will be Acting Governor for six months from that date, after Mr Wheeler’s term as Governor ends. Mr Bascand is currently a Deputy Governor and the Bank’s Head of Operations. Prior to joining the Bank in 2013, he was Government Statistician and Chief Executive, Statistics New Zealand. He previously worked in senior management roles in the Department…
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Monday, 24 April 2017 08:01

Better regulation through better impact analysis

Regulatory Reform Minister, Paul Goldsmith, and Parliamentary Under-Secretary for Regulatory Reform, David Seymour, say changes to Regulatory Impact Analysis (RIA) requirements will lead to better informed decision making by Parliament and the Government. “Our laws and regulations have a profound effect on our economic performance, the operation of business, and the well-being of every New Zealander,” says Mr Seymour. “High quality policy advice is the foundation of robust government decision-making. Poor quality regulation unnecessarily increases the costs of doing business and reduces New Zealanders’ freedom. “Although the quality of RIA from government departments has improved over time, it is still…
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Tuesday, 18 April 2017 08:28

New edition of ‘Upside downside: a guide to risk for savers and investors’

The Reserve Bank today released a new edition of its popular guide to managing the risks involved in saving and investing. ‘Upside, downside: A guide to risk for savers and investors’ was commissioned by the Reserve Bank and written by investment commentator Mary Holm for ordinary New Zealanders. Since original publication in 2012 the guide has received two significant revisions to take account of changing KiwiSaver rules and other developments. “I’m delighted to be able to bring this book up to date for 2017 and beyond, and hope the updated version proves as useful for a wide range of New…
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Monday, 27 March 2017 08:00

Moody's reaffirms New Zealand’s Aaa credit rating

Leading credit rating agency Moody’s Investors Service has reaffirmed New Zealand's highest possible Aaa sovereign credit rating with a stable outlook, highlighting the country's high economic resilience, effective policy making and very strong fiscal position. "The latest Moody's credit rating statement is a very positive endorsement of New Zealand's economic performance and the Government's policy settings," Finance Minister Steven Joyce says. "Moody's expects that New Zealand will be one of the fastest-growing Aaa rated economies over the next few years. It notes that New Zealand's strong population growth, including through immigration, lifts the country's economic potential. “The Agency also notes…
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Thursday, 23 March 2017 09:11

Official Cash Rate unchanged at 1.75 percent

Statement by Reserve Bank Governor Graeme Wheeler: The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent. Macroeconomic indicators in advanced economies have been positive over the past two months. However, major challenges remain with on-going surplus capacity in the global economy and extensive geo-political uncertainty. Global headline inflation has increased, partly due to a rise in commodity prices, although oil prices have fallen more recently. Core inflation has been low and stable. Monetary policy is expected to remain stimulatory, but less so going forward, particularly in the US. The trade-weighted exchange rate has fallen 4…
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Tuesday, 07 March 2017 20:24

Seven month surplus better than expected

The Government’s books are better than expected, with a $1.1 billion OBEGAL surplus for the seven months to January, Finance Minister Steven Joyce says. “Stronger tax revenues as a result of a healthier economy are flowing through to the Government’s financial performance,” Mr Joyce says. Tax revenues year-to-date are 3.8 per cent more than they were predicted to be in Budget 2016. “Company tax in particular is higher than expected, and that reflects the good performance of New Zealand companies in what is still an uncertain world,” Mr Joyce says. The $1.1 billion OBEGAL surplus compares to Treasury’s forecast of…
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Tuesday, 07 March 2017 11:09

Reserve Bank outlines plans for bank capital review

An upcoming review of banks’ capital requirements will continue to ensure confidence in the solvency of the New Zealand banking system, while encouraging efficiency, Reserve Bank Deputy Governor Grant Spencer said today. During a speech to the New Zealand Bankers Association in Auckland, Mr Spencer outlined the context and scope of the review of bank capital that the Reserve Bank will undertake over the next year. Mr Spencer also set out broad principles that will guide the Review, centred on simplicity and conservatism. Mr Spencer said in the wake of the global financial crisis, banks and regulators around the world…
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Tuesday, 14 February 2017 21:33

RBNZ to continue engagement on Dashboard proposal

The Reserve Bank will continue to engage with stakeholders about its proposed ‘Dashboard’ approach to quarterly disclosure for locally incorporated banks. The dashboard aims to enhance market discipline by making key information on locally incorporated banks available on the Reserve Bank website in a timely manner and in an accessible format which can facilitate comparisons across banks. The Reserve Bank ran a consultation on the dashboard concept last year, and has today published a summary of submissions. Deputy Governor Grant Spencer said all 18 submitters were supportive of the Reserve Bank’s objective to improve the effectiveness of public disclosures by…
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Thursday, 09 February 2017 09:26

Official Cash Rate unchanged at 1.75 percent

Statement by Reserve Bank Governor Graeme Wheeler: The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent. The recovery in commodity prices and more positive business and consumer sentiment in advanced economies have improved the global outlook. However, major challenges remain with on-going surplus capacity in the global economy and rising geo-political uncertainty. Global headline inflation has increased, partly due to rising commodity prices. Global long-term interest rates have increased. Monetary policy is expected to remain stimulatory, but less so going forward, particularly in the US. New Zealand’s financial conditions have firmed with long-term interest rates…
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Thursday, 09 February 2017 07:45

2017 Budget to be presented on 25 May

The Government's 2017 Budget will be delivered on Thursday 25 May, and will be centred on providing opportunities for all Kiwis to get ahead, Finance Minister Steven Joyce says. "The 2017 Budget will build on the strengthening performance of the New Zealand economy over the last several years. It will focus on creating the conditions for further growth and greater prosperity for all New Zealanders," Mr Joyce says. "New Zealand businesses have generated 328,000 new jobs since 2008, and average weekly wages have grown by 26.1 per cent – more than double the rate of inflation. Budget 2017 will seek…
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Wednesday, 08 February 2017 12:30

Exchange Rate Needs Attention - NZMEA

The exchange rate hit a two year high on the Trade Weighted Index (TWI) last week. Our consistently overvalued exchange rate continues to be an issue for the competitiveness of manufacturers and the wider tradable sector, and we need to investigate ways to bring it back to a sustainable level over time, say the New Zealand Manufacturers and Exporters Association (NZMEA). NZMEA Chief Executive Dieter Adam says, “The exchange rate hit a two year high on the TWI last week, and while it has dropped back less than a cent since, it remains at a level that damages the competitiveness…
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Wednesday, 08 February 2017 07:49

Spencer to be Acting Governor of Reserve Bank

Finance Minister Steven Joyce will appoint current Deputy Reserve Bank Governor Grant Spencer as the Acting Governor of the Bank for six months, following the expiry of current Governor Graeme Wheeler’s term on September 26 this year. "Mr Wheeler's term as Governor expires on September 26, three days after the general election, and he has decided not to seek reappointment," Mr Joyce says. "Following advice from the Cabinet Office and consultation with Cabinet, I have decided that the most appropriate course of action would be to appoint an acting Governor for a six month period to cover the post-election caretaker…
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Tuesday, 07 February 2017 06:15

Reserve Bank Governor not seeking another term, Acting Governor appointed

Reserve Bank Governor not seeking another term, Acting Governor appointed
Reserve Bank Governor Graeme Wheeler today announced that he will not be seeking a second term as Governor when his current term ends on 26 September this year. Mr Wheeler said: “It has been a great privilege to serve in this role, and in the remaining eight months I will remain fully focused on the economic challenges and opportunities facing the New Zealand economy. It was my intention, when I was appointed, to serve one term, and then to take on governance roles.” Mr Wheeler was previously employed at the World Bank from 1997 until 2010, where he was Managing…
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Thursday, 19 January 2017 06:35

Reserve Bank Bulletin takes a closer look at forecasting model

Reserve Bank Bulletin takes a closer look at forecasting model
The Reserve Bank has released a Bulletin article examining the core macro-economic model it uses to support the monetary policy decision making process. The New Zealand Structural Inflation Model (NZSIM) provides the central organising framework for the Reserve Bank’s forecasting and economic analysis. It is a structural model that provides a platform for evaluating the growth and inflation effects of various economic scenarios, including potential policy responses. The Bulletin article provides a brief review of the Bank’s recent forecasting models, the philosophy underpinning the design of NZSIM and explains how the model is used in the Reserve Bank’s forecasting process.…
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Thursday, 12 January 2017 07:49

New Zealand Bankers’ Association welcomes Industrial and Commercial Bank of China

The New Zealand Bankers’ Association announced today that the Industrial and Commercial Bank of China (New Zealand) Ltd has joined the association, bringing the total number of member banks to 16. New Zealand Bankers’ Association chief executive Karen Scott-Howman says: “We are delighted to welcome ICBC to the Bankers’ Association. China is one of New Zealand’s top trading partners. Having Chinese banks here helps take that important relationship to another level. “ICBC’s participation in the New Zealand banking industry further enhances competition and diversity in the sector”, adds Scott-Howman. Industrial and Commercial Bank of China (New Zealand) chief executive Qian…
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Wednesday, 11 January 2017 06:19

ANZ agrees to sell UDC Finance

ANZ agrees to sell UDC Finance
ANZ today announced an agreement to sell UDC Finance, the asset finance business of its wholly owned subsidiary ANZ Bank New Zealand, to HNA Group, a global company focused on tourism, logistics and financial services. The sale reflects a continued focus by ANZ on simplifying its business and capital efficiency. ANZ New Zealand CEO David Hisco said: "The sale of UDC is consistent with our strategy to simplify the bank and is a good outcome for customers and staff. HNA Group is one of the world's largest asset finance and leasing companies, and it intends to preserve UDC's operations including…
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Thursday, 08 December 2016 12:11

The Factory to the World Has a New Export: Inflation

The factory to the world has a new export: inflation. And it’s shipping faster than many thought possible just a few months ago. China’s weakening yuan, stimulus designed to ensure robust growth ahead of a crucial Communist Party Congress next year, and rebounding commodity prices are pushing up factory prices. Having turned positive in September for the first time in more than four years, producer prices rose 1.2 percent in October from a year earlier. That will almost double to 2.3 percent in November, according to analysts surveyed ahead of data due Friday. The pace is seen quickening even more…
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Thursday, 08 December 2016 09:16

Growth prospects look promising in face of international risks

The prospects look promising for New Zealand’s economic expansion to continue in the face of considerable international uncertainties, Reserve Bank Governor Graeme Wheeler said today. Speaking to the Development West Coast Conference in Greymouth, Mr Wheeler said that in many respects the economy is performing well. “Relative to the trends over the past two decades, New Zealand is experiencing stronger economic growth, lower inflation, and a lower unemployment rate – even with record levels of labour force participation. The Achilles heel of many New Zealand expansions – a large current account deficit – has not eventuated. “However, not everything is…
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Tuesday, 22 November 2016 20:13

Changing dynamics in household behaviour help explain low inflation

The Reserve Bank is taking account of changing household saving and spending behaviours in its inflation forecasts, Deputy Governor Geoff Bascand said in a speech to the Australia National University in Canberra this evening. Mr Bascand said that Australasian patterns of saving and spending are proving different from other advanced economies. Internationally, demand dynamics have changed since the global financial crisis (GFC), challenging inflation modelling and, in some cases, inflation-targeting frameworks. Some economists suggest that we are now in an era of “secular stagnation”, with persistent low demand due to higher saving and a reduced tendency to invest, driving down…
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