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The Reserve Bank sprung something of a surprise in yesterday's monetary policy statement with a clear hint that interest rates are likely to rise in the second half of next year.
The central bank kept its official cash rate unchanged at 0.25 percent, as well as the other emergency measures - the bond buying programme and cheap bank loans scheme.
But the statement omitted any mention of cutting rates below zero, and its forecasts showed the cash rate starting to rise from around September next year close to 2 percent by mid-2024.
RBNZ Governor Adrian Orr told business editor Gyles Beckford caution is still needed, it still needs to meet its inflation and employment targets, but the end is in sight.