No lock-up for monetary policy statement

Chris Timms.
Chris Timms.
The Reserve Bank will next week release its monetary policy statement (MPS) at the usual 9am time through a variety of media channels but will not resume lock-ups for media and financial analysts.

The procedure will be the same for official cash rate releases.

For MPS releases, the central bank says it will also invite media to a press conference with the governors to be held at 10am the same day.

Craigs Investment Partners broker Chris Timms said the changes would not affect brokers who would receive the Reserve Bank alert at 9am as usual.

Reserve Bank governor Graeme Wheeler said the decision on the new procedures followed a halt to pre-announcement embargo lock-ups for news media and analysts after the March OCR decision was leaked from a media lock-up.

MediaWorks leaked the March 10 cut in the OCR about an hour ahead of the embargo ending.

The information was passed on by another person in Newshub MediaWorks to "an economics blogger''.

The bank commissioned a security review by Deloitte. The review found in the rapidly changing technology environment there was no completely fail-safe option and, over time, the extent of risk mitigation through controls would be eroded by advances in technology.

New Zealand was one of only a few central banks to hold pre-release lock-ups of OCR decisions for the news media, Mr Wheeler said.

Economists expect the bank to cut the OCR by 0.25% to 2% on August 11. The Reserve Bank of Australia on Tuesday cut its cash rate by 0.25% to 1.5%.

Add a Comment