RBNZ to start buying local government debt
Central bank expands its large-scale asset purchases in the wake of the Covid-19 shock
Two weeks on from implementing its first ever quantitative easing programme, the Reserve Bank of New Zealand is now expanding its asset purchases into local government debt.
The RBNZ said today (April 7) it would buy NZ$3 billion (US$1.8 billion) of bonds issued by local governments, or around 30% of the total outstanding stock. That comes on top of the NZ$30 billion in national government debt purchases the central bank unveiled on March 23.
“The Reserve Bank’s monetary policy committee (MPC)
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