Adopting the US dollar would currently reduce interest rates in New Zealand by rather more. Although the differences are much less now than they were a decade ago, US interest rates are currently lower across the entire range of maturities than those in New Zealand.
The basic premise of the framework is that all deposit-taking institutions, particularly banks and cooperatives, are subject to prudential regulation, while microfinance NGOs which collect savings greater than the compensating balance should be subject to regulation and supervision. Circular 272 issued January 2001 by the Bangko Sentral ng Pilipinas provided the enabling policy and regulatory framework for microfinance in the banking sector.