Official Cash Rate Change – OCR Change

The Official Cash Rate of New Zealand, or OCR, has just been changed from 7.5% to 6.5%. The current world financial crisis has played a big part in the decision to do this, announced the Reserve Bank of New Zealand late this morning.The RBNZ Governor stated that owning to the current state of the financial world;

“economic activity in New Zealand will be further constrained, relative to the outlook presented in our September Monetary Policy Statement, by current international developments. New Zealand can expect to face lower demand for exports and credit is likely to be less readily available. In this environment consumers and businesses are likely to be more cautious and curtail spending.”

Looking for your New Zealand financial hub? NZS.com has just launched a New Zealand finance section, enabling you to view and compare interest rates and exchange rates by day, month and year.

Updated daily at 3.30pm courtesy of the RBNZ, NZS.com gives you a quick, easy to comprehend view of current and archive New Zealand financial data.