The head of our largest bank is keeping her cards to her chest, on how low interest rates could go

Most banks have dropped their advertised rates after yesterday's OCR cut.

The Reserve Bank says banks have room to move further - if they want to compete for customers.

ANZ Chief Executive Antonia Watson says although more OCR cuts are unlikely, it's hard to say whether interest rates will drop further.

She says it appears we're at the bottom of the OCR cycle, but she can't talk about future pricing.