新西兰英语 787 No change in Official Cash Rate

 　　The Reserve Bank Governor¹ Graeme Wheeler said this morning that the Official Cash Rate – the OCR – will remain at 2.5%.

　　The Governor of the Reserve Bank sets the OCR 8 times a year. Today he said there was still some negative financial news in Europe but positive news coming from the US and Japan. Both the US dollar and the Japanese yen² are stronger. As a result, the New Zealand dollar dropped a little. A few weeks ago, NZ$1 was buying close to US86 cents. Today the New Zealand dollar is buying only US79 cents. The Governor of the Reserve Bank believes that the New Zealand dollar is too high and is over-valued. A high dollar makes it difficult for exporters like dairy³ farmers. It also means that consumers buy more products from overseas and they save less money.

　　The OCR affects the price that banks pay to borrow money from the Reserve Bank for a short time. This then affects the cost that banks charge to lend money to consumers including money to buy a house. This bank loan⁴ for a house is called a mortgage⁵.

　　The Governor of the Reserve Bank is worried about the high price of houses, especially in Auckland. Low interest rates make it easier for people to borrow money for a house so more people want to buy. This pushes up prices.

　　Type OCR into the search box to listen to more about the OCR.

　　Vocabulary

　　?Governor – number 1 person

　　?Reserve Bank – government bank

　　?Over-valued – the value of the dollar is too high

　　?Consumers – anyone who buys things

　　?Affects – influences, makes something change

　　?Borrow – opposite: lend; you pay to borrow, banks charge to lend; loan (n)

1 governor   

n.统治者，地方长官(如省长，州长，总督等)

参考例句：

• 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。

2 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

3 dairy   

n.牛奶场，乳品店；adj.乳制品的

参考例句：

• The yogurt sold by this dairy is delicious.这家乳品店出售的酸奶非常好喝。
• He kept a few dairy cows.他养了几头奶牛。

4 loan   

n.贷款；借出的东西；借；vt.借出；贷予

参考例句：

• I asked the bank to help me with a loan.我请银行给我一笔贷款。
• Has the bank okayed your request for a loan?银行批准你的贷款要求了吗？

5 mortgage   

n.抵押，抵押贷款；vt.抵押

参考例句：

• 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。