RBNZ’s Orr: New Zealand farms face challenges as interest rates rise

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“The New Zealand farming sector faces challenges as interest rates and other costs rise and returns are forecast much lower, with dairy farms the hardest hit,” Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said on Thursday per Reuters.

RBNZ Governor Orr appeared for a testimony to a parliamentary committee.

The news also spots Senior RBNZ officials noting that debt levels in the sector are down significantly from five years ago when the central bank was highlighting debt as a major vulnerability for the dairy sector.

On the same line RBNZ Deputy Governor Christian Hawkesby told the same parliamentary committee, per Reuters, that the central bank was not concerned about New Zealand’s growing current account deficit.

“New Zealand government debt is still relatively low compared to other countries, and that puts us in a strong position,” Hawkesby said.

Also read: NZD/USD Price Analysis: Pullback moves prod 0.6200 ahead of China Caixin PMI

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