Interest rate cuts possible

Monday 19 January 2004

The Reserve Bank has scope to hold or even cut interest rates if the rising Kiwi dollar shows signs of hitting the economy more severely than expected, the Treasury says.

By The Landlord

Recent falls in yields on short-dated bonds suggested the financial market's enthusiasm had diminished for an official cash rate rise at the central bank's next review on January 29, it said in a note to duty minister Trevor Mallard, issued last week.

"Although this is still largely a timing issue, rather than a downward revision to the extent of tightening expected to take place eventually," the note, dated January 9, said.

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