Leading economists are calling for the reserve bank to take action on behalf of the country in anticipation of the earthquake’s financial fallout.

The New Zealand dollar has already suffered since Tuesday, falling to its lowest point against the Aussie in ten years.

Bernard Hickie, of Interest.co.nz, says he’s heard many business analysts saying it could well be time for the Reserve Bank to step in and cushion the quake’s effects on the economy.

"Three of the banks are saying the Reserve Bank should cut the OCR because they say the national economy has received a shock and there aren’t many inflation pressures around, and therefore there is room for the Reserve Bank to cut.

"BNZ doesn’t think the cut would be a good idea though."

Mr Hickie says commercial banks could also play a part in restoring confidence into the market, by sharing some of the benefits they’ve experienced in the past year.

"They could if they wanted to...pass on the benefits of that shift from fixed floating to customers."

Mr Hickie says whatever the financial institutions do, it’s still going to be a hard couple of years for the region.

Head to Bernard's site Interest.co.nz for more.