Reserve Bank top brass to front publicly after April OCR review, and outline thoughts on impact of Middle East conflict

The Reserve Bank (RBNZ) says it's "expanding its communications approach" for its April 8 Monetary Policy Review.

Instead of the decision just being released via a statement at 2pm, the RBNZ says it has decided to additionally hold
an online media conference at 3pm. Typically the RBNZ only holds a media briefing when it issues a full Monetary Policy Statement (MPS). The next MPS isn't due until May 27.

"This approach aligns with the [RBNZ's] Monetary Policy Committee’s (MPC) commitment to greater transparency. Future Monetary Policy Reviews will also follow this revised format. We will review and adapt this format over time in response to stakeholder feedback," the RBNZ says.

"The RBNZ’s quarterly Monetary Policy Statement, which includes updated economic forecasts, an Official Cash Rate projection and more detailed forecasts will continue as normal. Monetary Policy Statement releases will also continue to be followed by in-person media conferences. The next quarterly Monetary Policy Statement is scheduled for release on 27 May."

The RBNZ also says Governor Anna Breman's speech to Business NZ’s CEO Forum in Auckland, scheduled for March 24, will now focus on the potential impacts of the evolving Middle East conflict on the New Zealand economy.

"The RBNZ previously advised that the speech would touch on the current economic outlook, drawing on insights from the February Monetary Policy Statement, and outline how the Reserve Bank is working to modernise New Zealand’s payments system."

"A speech outlining how the Reserve Bank is working to modernise New Zealand’s payments system will be delivered at a later date," the RBNZ says.

"This speech will not pre-empt the MPC’s April Monetary Policy Review decision. The global environment, and other salient factors, will be discussed in full by the MPC when it meets ahead of its April decision."

The OCR is currently at 2.25%.