The Reserve Bank of New Zealand slashed its benchmark interest rate by 50 basis points to 4.25%, marking the third consecutive cut. The decision reflects slowing GDP growth and subdued economic activity.
New Zealand 's central bank slashed its benchmark interest rate by 50 basis points, marking a third straight cut to its benchmark interest rate.slashed its benchmark interest rate by 50 basis pointsThe Reserve Bank of New Zealand 's interest rate now stands at 4.25%. Economists polled by Reuters had expected the bank to cut its rate by 50 bps.In its Wednesday statement,GDP growth in New Zealand has been slowing, falling 0.
"Economic activity in New Zealand remains subdued and output continues to be below its potential," the bank said.in the June quarter 2022, has cooled substantially. It stood at 2.2% in the September 2024 quarter, according to figures released by"If economic conditions continue to evolve as projected, the Committee expects to be able to lower the OCR further early next year," RBNZ said.
It added that economic growth is expected to recover in 2025 as lower interest rates boost investment and spending. However, employment growth is expected to remain weak until mid-2025.CIO: Trump's administration likely to adjust policies 'based on market reaction'
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