The Reserve Bank of New Zealand has nearly doubled the upper limit on its asset purchase programme, as central bank economists presented several bleak scenarios for the economy.

At today’s (May 13) meeting, the monetary policy committee opted to keep the policy rate on hold at 0.25% but raised the limit on its large-scale asset purchase (LSAP) programme from NZ$33 billion to NZ$60 billion (US$19.9 billion to US$36.1 billion).

“The balance of economic risks remains to the downside. The

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