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

April 14, 2016 Share Print 0

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.

CNBC

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Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.