If the Reserve Bank of New Zealand (RBNZ) had not eased monetary policy further, the NZD/USD exchange rate would be higher by 5-10%, Deputy Governor Christian Hawkesby said while speaking alongside Governor Adrian Orr following the Financial Stability Report publication this Wednesday.

Meanwhile, Orr added that the policy intentions stand as stated in the monetary policy statement.

“NZ economy is one of most resilient on planet earth,” Orr noted.

Orr said: “The RBNZ is operationally ready to implement negative OCR if conditions warrant it.”