May 20, 2020 / 10:16 PM / 10 days ago

Westpac changes call on RBNZ rates, sees rate cut only in 2021

WELLINGTON, May 21 (Reuters) - Westpac changed their call on New Zealand interest rates on Thursday, saying they now expect the Reserve Bank of New Zealand (RBNZ) to cut rates to -0.5% by April next year.

The bank had previously forecast RBNZ to cut rates to -0.5% by November.

RBNZ’s quantitative easing programme will be expanded to NZ$70 billion ($43 billion) at the June official cash rate review, Westpac Chief Economist Dominick Stephens said.

$1 = 1.6276 New Zealand dollars Reporting by Praveen Menon Editing by Chris Reese

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