Corona Virus: Reserve Bank Governor Adrian Orr Explains Shock Official Rate

Reserve Bank governor Adrian Orr is urging all Kiwis to talk to their banks as interest rates plummet today in response to the coronavirus challenges facing the economy.

In a surprise move earlier today the central bank cut New Zealand's official cash rate (OCR) to 0.25 per cent - an all-time low – that will be in place for the next 12 months.

The move is designed to free up Kiwis' spending and stimulate the economy.
All the major banks reduced their interest rates after today's announcement.

Orr urged all New Zealanders to talk to their banks – "this is the time to over-communicate".