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RBNZ says to implement NZ$30bn large scale asset purchase programme

WELLINGTON, March 23 (Reuters) - The Reserve Bank of New Zealand (RBNZ) said on Monday that it has decided to implement a Large Scale Asset Purchase programme (LSAP) of New Zealand government bonds to support the economy amid the coronavirus outbreak.

The programme will purchase up to NZ$30 billion ($17 billion) of New Zealand government bonds, across a range of maturities, in the secondary market over the next 12 months, RBNSZ said in a statement.

The programme aims to provide further support to the economy, build confidence, and keep interest rates on government bonds low, it added. ($1 = 1.7634 New Zealand dollars) (Reporting by Praveen Menon; Editing by Kevin Liffey)