May 22, 2020 / 2:15 AM / 10 days ago

New Zealand c.bank offers to buy $718 million government bonds next week

SYDNEY, May 22 (Reuters) - New Zealand’s central bank on Friday proposed to buy NZ$1.175 billion ($718.28 million) in local government bonds in next week’s auctions, including NZ$75 million in inflation-indexed paper.

The Reserve Bank of New Zealand (RBNZ) said it would purchase bonds with maturities from May 2021 to September 2040 in auctions on Monday, Wednesday and Friday.

The purchases would be a part of the RBNZ’s NZ$60 billion bond-buying programme in an effort to keep near-term yields low as it looks to support the economy reeling from the COVID-19 pandemic.

$1 = 1.6359 New Zealand dollars Reporting by Swati Pandey; Editing by Tom Hogue

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