The Reserve Bank remains on standby over summer, as the US prepares for a handover of power, and uncertainty continues in the Middle East and Ukraine

The Monetary Policy Committee has paused meetings for three months over summer.

Governor Adrian Orr says they're not expecting an "economic shock", and they're likely to keep the OCR unchanged until the next scheduled review in mid-February.

But he says they're prepared to make emergency decisions if they need to, as they did during the start of the Covid pandemic.