新西兰英语 57 Official Cash Rate
Today, the Governor 1 of the Reserve Bank, Dr Alan Bollard, dropped the official cash rate by ? of 1 percent to 7.5%. This rate affects how much the banks have to pay to borrow money overnight 2 from the Reserve Bank. If the banks pay less, they can drop mortgage 3 rates for home owners. Already the major banks have announced lower mortgage rates. This is good news for people who are buying a house or for homeowners who have to renew 4 their mortgage.
Every 6 weeks, the Reserve Bank reviews the official cash rate. On July 24th it dropped the rate by only ? of a percent and people expected today would be the same so this was a surprise. The Reserve Bank could cut the cash rate again in October and December.
One job of the Reserve Bank is to keep inflation 5 between 1% and 3% per year. There is a slowdown in the New Zealand economy, as well as in the global economy. Businesses have higher costs but lower demand for their products. House prices are dropping and there is a slowdown in the building market. Food prices are up, because of the drought 6 earlier in the year then floods during winter and transport costs, while electricity is up and petrol prices are still high. Lower mortgage payments 7 will help families who are home owners, and lower interest rates will help many businesses.
However, some employees will get wage increases of 5% this year which could push inflation up. Dr Bollard is hoping that inflation will come down.
The Kiwi dollar dropped 1 cent against the American dollar after the announcement today. It’s now around 65 cents American to the New Zealand dollar. This is good for exporters but import costs will go up.
- The governor was an expert at fencing with reporters.这位州长是搪塞新闻记者的能手。
- He was elected governor of the state of California.他当选为加州州长。
- She stayed overnight in the hotel. 她在旅馆过了一夜。
- Our success is not won overnight. 我们的成功不是一夜之间得来的。
- He's having a lot of trouble paying his mortgage every month.他付每月的抵押借款利息有很大的困难。
- The bank refused to accept any mortgage on land.银行拒绝接受任何土地抵押。
- The most important thing is to renew your health.最重要的是恢复你的健康。
- We must renew our supplies of coal.我们必须补充煤的储备。
- Gold prices are often seen as an indicator of inflation.黃金价格常常被看作是通货膨胀的指标。
- The inflation of the airbed took several minutes.给空气床垫充气花了几分钟时间。
- The plants are growing in again,despite the drought.尽管干旱，植物又长出来了。
- The ground is as hard as stone after the drought.长期干旱后土地硬得就像石头一样。