Nicola Willis: Finance Minister on the OCR cut's failure to sway interest rates
As expected, the Reserve Bank cut the OCR to 2.25% last week - but an unexpected side effect has been a lack of effect.
The Reserve Bank announced that this would be the end of cuts, sending the wholesale market into a panic and, therefore, seeing no change in interest rates.
Finance Minister Nicola Willis told Heather du Plessis-Allan, "my message to the banks is always the same, which is pass on as much as you possibly can because it's good for the economy."
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