Delivering our monetary policy mandate Early in 2020, when the COVID-19 pandemic began unfolding, we acted quickly to ease monetary conditions so as to cushion the economic blow, and continue to meet our price stability and employment mandate. We undertook these actions in full line of sight of other fiscal initiatives aimed at providing cash flow and confidence in the economy.
We eased monetary conditions by reducing the Official Cash Rate (OCR) to 0.25% in March 2020, where it remained until October 2021. We also developed and implemented additional monetary policy tools so as to further lower interest rates across the board.