RBNZ Minutes: A negative OCR will become an option in future

Following the monetary policy statement release, the RBNZ is out with the minutes of the meeting, with the key highlights found below (via Reuters)

Members agreed that an expansion to the LSAP programme is the most effective way to deliver further stimulus at this time.

Adding inflation-indexed government bonds (IIBS) to the LSAP.

Committee noted that a negative official cash rate (OCR) will become an option in future.

At present financial institutions are not yet operationally ready for negative OCR.

Noted that discussions with financial institutions about preparing for a negative OCR are ongoing.

Committee reaffirmed its forward guidance that the OCR will remain at 0.25 percent until early 2021.