Reserve Bank of New Zealand: March Rate Cut Decision Leaked by Journalist

The Reserve Bank of New Zealand (RBNZ) said on Thursday that an independent investigation confirmed that its March decision to cut interest rates was leaked by a journalist before the official release.

“The investigation by Deloitte’s forensic unit found that, contrary to the rules of the lock-up, information on the bank’s decision to cut the OCR [official cash rate] was transmitted by a Newshub Mediaworks reporter to several people in the Newshub office from the media lockup for the Monetary Policy Statement on 10 March,” the RBNZ said in a statement.

The information was then passed to an economics blogger, who alerted the RBNZ after the official announcement, the statement said.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.