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Reserve Bank of New Zealand governor Adrian Orr has said, “we entered the crisis with banks in a strong position.” Hawkesby also crossed the wires saying, “Monetary policy can’t offset virus but can soften the blow.”

Key comments

  • Orr: Economic shock is a fiscal policy challenge.
  • Orr: Monetary policy is a support player to fiscal policy.

More to come…

Meanwhile, we await a speech from Prime Minister Ardern which will be in focus today as well which will It will detail what businesses will be able to operate under level 3.