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RBNZ Governor Orr signals cautious policy approach with small steps By Reuters

© Reuters. FILE PHOTO: Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is pictured throughout an interview on the financial institution in Wellington, New Zealand, April 16, 2019. REUTERS/Charlotte Greenfield

WELLINGTON (Reuters) – The Reserve Bank of New Zealand (RBNZ) will take small steps in financial policy and observe how issues go because the world responds to the worldwide COVID-19 pandemic, Governor Adrian Orr stated on Thursday.

“It’s better to take small steps and observe as we go how things unfold,” Orr instructed a parliamentary committee.

“The uncertainty that is out there in the global economy on how business, people and governments are responding to this health risk will be an important underlying driver of the inflation pressures we lead into,” he stated.

On Wednesday, the RBNZ hiked rates of interest by 25 foundation factors for a second time in a row.

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