Official Cash Rate to remain restrictive at 5.50 percent

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Liquidity swap line to expire - 28 January 2010

In coordination with other central banks, the Reserve Bank of New Zealand today confirmed its temporary liquidity swap line with the Federal Reserve will expire on 1 February, 2010.

This facility, established in October 2008 to counter pressures in global funding markets, has not been used by the Reserve Bank and is no longer needed given the improvements in financial market functioning.

Media contact:

Mike Hannah, Head of Communications,
Ph 04 4713671, 021 497418, [email protected]