紐西蘭中央銀行於2009129日大幅調降貨幣政策利率1.5個百分點

紐西蘭中央銀行於2009129日宣布將貨幣政策利率由5.0%大幅調降至3.5%。以下為紐西蘭中央銀行新聞稿全文:

 

The Reserve Bank today reduced the Official Cash Rate (OCR) from 5.0 percent to 3.5 percent.

紐西蘭準備銀行今天將官方隔夜利率從5.0%調降至3.5%

 

Reserve Bank Governor Alan Bollard commented that “the news coming from our trading partners is very negative. The global economy is now in recession and the outlook for international growth has been marked down considerably since our December Monetary Policy Statement. 

紐西蘭準備銀行總裁Alan Bollard說明如下:來自我們貿易伙伴的消息非常負面。全球經濟現在處於衰退中,且自我們12月的貨幣政策聲明以來,國際經濟成長展望已經被調降相當大的幅度。

 

Globally, there has been considerable policy stimulus put in place and we expect this to help bring about a recovery in growth over time. However, there remains huge uncertainty about the timing and strength of a recovery.

全球而言,已經有相當多的政策刺激措施被提出執行,我們預期隨著時間經過,這將有助於帶來經濟復甦。然而,有關經濟復甦的時間和力道,仍存在極大的不確定性。

 

The extent of the decline in global growth prospects and the ongoing uncertainty has played a large part in today’s decision. We now expect the impact on New Zealand of these developments to be greater than we did in December, as a result of a more negative outlook for the terms of trade and exports, and tighter credit conditions.

全球經濟成長展望下降的程度,和持續的不確定性,在今天的決定中,扮演主要角色。我們現在預期這些發展對紐西蘭的衝擊,比我們在12月時所作的評估來得大,因此,貿易條件和出口展望也更為負面,信用情況更為緊俏。

 

Inflation pressures are abating. We have confidence that annual inflation will be comfortably inside the target band of 1 to 3 percent over the medium term.

物價膨脹壓力正在減弱。我們有信心在中期間物價年增率將會安穩地落在1% 3%的目標區間內。

 

Given this backdrop it is appropriate to take the OCR to a more stimulatory position and to deliver this reduction quickly. 

在這個背景下,適合將官方隔夜利率調整至更具刺激性的位置,且快速地實現這項調降。

 

Today’s decision brings the cumulative reduction in the OCR since July 2008 to 4.75 percentage points. Lower interest rates will have a positive impact on growth, alongside a lower exchange rate and fiscal stimulus, provided firms and households do not unnecessarily contract their spending. 

今天的決定,使得自20087月以來累計調降幅度達4.75個百分點。比較低的利率,配合比較低的匯率和財政刺激措施,將會對經濟成長有正面影響,只要企業和家計部門不要無謂地縮減他們的支出。

 

To ensure the response we are seeking, we expect financial institutions to play their part in the economic adjustment process by passing on lower wholesale interest rates to their customers. This will help New Zealand respond flexibly.

為了確保獲得我們所尋求的結果,我們期望各金融機構在經濟調整過程中盡到責任,將比較低的批發利率,回饋給他們的客戶。這將有助於紐西蘭的彈性因應能力。

 

Further movements in the OCR will be assessed against emerging developments in the global and domestic economies and the response to policy changes already in place. We would expect any further reductions to be smaller than those seen recently.”

官方隔夜利率的進一步調整,將根據對全球和國內經濟未來發展的評估,和對政策改變已經出現的反應來決定。我們可以預期任何進一步的調降幅度將會小於最近所看到者。