As expected, the Reserve Bank cut the OCR to 2.25% last week - but an unexpected side effect has been a lack of effect.

The Reserve Bank announced that this would be the end of cuts, sending the wholesale market into a panic and, therefore, seeing no change in interest rates. 

Finance Minister Nicola Willis told Heather du Plessis-Allan, "my message to the banks is always the same, which is pass on as much as you possibly can because it's good for the economy."

LISTEN ABOVE 

As expected, the Reserve Bank cut the OCR to 2.25% last week - but an unexpected side effect has been a lack of effect.
The Reserve Bank announced that this would be the end of cuts, sending the wholesale market into a panic and, therefore, seeing no change in interest rates.&nbsp;
Finance Minister Nicola Willis told Heather du Plessis-Allan, "my message to the banks is always the same, which is pass on as much as you possibly can because it's good for the economy."
LISTEN ABOVE&nbsp;

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Nicola Willis: Finance Minister on the OCR cut's failure to sway interest rates

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/b06e009f-e807-4855-b032-b3a600698523/transcript

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