Official Cash Rate to remain restrictive

The Monetary Policy Committee today agreed to keep the Official Cash Rate at 5.50 percent.

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New Zealand hosts EMEAP central bank governors

New Zealand hosts EMEAP central bank governors

Central bank governors from major countries in the region gathered in New Zealand over the weekend to discuss common issues, Reserve Bank Governor Alan Bollard said today.

The annual Executives' Meeting of East and Asia-Pacific (EMEAP) central banks was held over three days starting 26 May in the South Island, Dr Bollard said.

All 11 members of EMEAP - New Zealand, Australia, Japan, China, South Korea, Hong Kong, Singapore, Malaysia, Indonesia, Thailand and the Philippines - attended the meeting.

"We are pleased to have hosted such an influential gathering of regional central bankers," Dr Bollard said. This is the first time the meeting has been held in New Zealand.

The participants had fruitful discussion on topics such as the operation of financial markets in the region and the regulation of banks and financial institutions. The group is working to strengthen regional cooperation in central banking.

The EMEAP regional group has recently coordinated cooperation on the bond market, including measures to make it easier for Asian central banks to buy each others' debt for their reserves.

For further information contact:
Mike Hannah
Head of Communications
Ph 04 4713671, 021 497418, [email protected]