For further detail on the Reserve Bank of New Zealand’s intervention framework see Eckhold, K and Hunt, C (2005)“The Reserve Bank’s new foreign exchange intervention policy” RBNZ Bulletin March 2005. 2  Based on the IMF’s 36 country classification in its World Economic Outlook database. BIS central bankers’ speeches  1  factored in the prospect of OCR increases.
Countries that cumulatively produce around twothirds of global output have policy rates between zero and 1 percent, with most having rates close to zero. Meanwhile, the Reserve Bank increased the OCR by 1 percentage point over the period from March to July 2014.