Personal Finance

OCR are likely to remain intact

OCR are likely to remain intact

The Reserve Bank going to review its monetary policy on Thursday is unlikely to change the official cash rates (OCR) by keeping them intact at 2.5 per cent, the lowest since last April. There is a wide-spread consensus in the market that Governor Alan Bollard would start hiking rates from April 2010.

Bollard had said before the last OCR review in October, "We see no urgency to begin withdrawing monetary policy stimulus and we expect to keep the OCR at the current level until the second half of 2010."

Mortgage Payments Decline in NZ

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Mortgagee Sales Hit All-Time High

Official data shared by Terralink International has revealed that mortgagee sales all across the country have returned with full force and have hit an all time high, after experiencing a dip in the month of August. September saw a substantial hike in sales, with a recorded figure of 343 registrations. This was an all-time high, after the previous figure of 321 registrations which were recorded in July this year.

Credit card use rises in September, reflecting improved spending

credit cards

Monthly figures released by the Reserve Bank revealed 2 per cent increase in credit card transactions in September, indicating improvement in customer spending in the country. Spending using credit cards stood at $18.8 billion in August and rose to $19.2 billion during the reporting month.

The monthly bulletin, released by the Apex bank yesterday, showed 3.5 per cent rise in repayment on credit cards. The value of cash advances on credit and charge cards too surged marginally, reporting an increase of 0.7 per cent to $2.44 million.

Mainfreight urges government to change its attitude

Mainfreight

The transport and logistics company Mainfreight has asked for right rates and services while criticizing the government’s lukewarm response to their genuine demands.

The global financial crisis cost the firm very dearly and its first year surplus declined 29 per cent. However, it is optimistic about financial results for the current financial year as transportation activities have started to pick up due to initial signs of recovery.

The firm reported a net profit of $12.18 million during the first half upto September 30.

Personal Insolvency in UK Record Highest Number Since 60s

Figures revealed yesterday by the Insolvency Service confirmed that the number of personal insolvencies in England and Wales have hit an all time high. The current level recorded has been the highest since the records began in 1960. The surge has been attributed to the rise in the take up of debt relief orders, which are a form of bankruptcy for the poorest of borrowers.

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