Navigating at Low Altitude: Monetary Policy with Very Low Interest Rates A speech delivered at the Reserve Bank of New Zealand Museum and Education Centre On 10 March 2020 By Adrian Orr, Governor1  1  With deep appreciation of the dedicated team which has worked on these principles and tools.
2 The Terrace, PO Box 2498, Wellington 6140, New Zealand Telephone 64 4 472 2029 Online at www.rbnz.govt.nz  2  Navigating at Low Altitude: Monetary Policy with Very Low Interest Rates Introduction The Reserve Bank of New Zealand, Te Pūtea Matua, is tasked with promoting a sound and dynamic monetary and financial system.