Head of New Zealand Reserve Bank Concedes It Is Engineering a Recession

Reserve Bank Governor Adrian Orr speaks during a press conference at the Reserve Bank of New Zealand in Wellington, New Zealand, on March 16, 2020. Hagen Hopkins/Getty Images

Adrian Orr, governor of the Reserve Bank of New Zealand (RBNZ), admitted the bank was engineering a recession to lower inflation.

The remark comes a day after the central bank raised the official cash rate (OCR) by a record 75 basis points to 4.25 percent.