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

International Monetary Fund

No 2011/102, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; rate; exchange rate; inflation outcome; liability positions vis-à-vis nonresident; inflation expectation; government balance sheet; IMF information notice system index; headline CPI inflation; IMF's effort; Foreign liabilities; Housing prices; Terms of trade; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 51
Date: 2011-05-09
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