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RBNZ Orr: Coronavirus economic disruption expected to persist well into 2021 at least

RBNZ Governor Adrian Orr said the global economic disruption caused by the coronavirus pandemic is “expected to persist and lead to lower economic growth, employment, and inflation well into 2021 at the least.”

The central bank and New Zealand’s financial system and institutions are “well positioned to both weather this economic storm and support and prosper in the inevitable recovery”.

He’s confident of the position because “the banking system was required, by us, to hold more capital, liquidity, and lower risk mortgage loans during the ‘good times’ of recent years.” And, banks can now be part of the economic recovery.”

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Full statement here.

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