New Zealand's central bank on Tuesday said it would buy up to NZ$3 billion ($1.79 billion) of local government debt to ease liquidity strains in the funding market as it moves to cushion the economy from the fallout of the coronavirus pandemic.
FILE PHOTO: Two people walk towards the entrance of the Reserve Bank of New Zealand located in the New Zealand capital city of Wellington, March 22, 2016. REUTERS/Rebecca Howard/File Photo
The Reserve Bank of New Zealand said the new measure would expand on its Large Scale Asset Purchase programme, which has been buying government debt. The strain in this important market was “posing a significant risk to the transmission of monetary policy” and needed to be tackled, the bank said.
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