An economist is suggesting the New Zealand dollar needs a heavy hand, but not necessarily from taking a large slice off the Official Cash Rate.

The Reserve Bank will announce it's latest OCR review on Thursday, and there's expectation it will be cut by at least 25 basis points to 2 percent.

That would be a new all time low.

ANZ Chief Economist Cameron Bagrie told Andrew Dickens a mixed bag approach is the best.

He said the Bank of England is a good example - last week it both lowered its rates and instigated more quantitative easing by introducing more money into the system.

Mr Bagrie said simply lowering the OCR by more than 25 basis points could cause panic because credit growth is already out-stripping deposit growth, and we already have a high dollar, and low inflation.