New Zealand: 2011 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for New Zealand
May 9, 2011
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New Zealand’s recovery has stalled since mid-2010. Spare capacity has helped contain inflation. The Reserve Bank of New Zealand (RBNZ) lifted its policy rate in two steps from a record low of 2.5 percent to 3 percent in mid-2010. The exchange rate appreciated and financial markets have largely recovered from the global financial crisis. The banking sector remains profitable and is dominated by four subsidiaries of Australian banks that performed well during the crisis. The 2010 Canterbury earthquakes have disrupted economic activity, reduced wealth, and weakened confidence.
Subject: Banking, Current account deficits, External debt, External position, Foreign liabilities, Housing prices, International trade, Prices, Public debt, Terms of trade
Keywords: Asia and Pacific, CR, exchange rate, Foreign liabilities, Global, government balance sheet, headline CPI inflation, Housing prices, IMF information notice system index, IMF's effort, inflation expectation, inflation outcome, ISCR, liability positions vis-à-vis nonresident, rate, Terms of trade
Pages:
51
Volume:
2011
DOI:
Issue:
102
Series:
Country Report No. 2011/102
Stock No:
1NZLEA2011001
ISBN:
9781455274505
ISSN:
1934-7685
