New Zealand’s central bank slashed its benchmark interest rate by 50 basis points to 4.25%, marking a third straight cut to its benchmark interest rate.
New Zealand's central bank slashed its benchmark interest rate by50 basis points, marking a third straight cut to its benchmark interest rate.slashed its benchmark interest rate by 50 basis points
The 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 October, the RBNZ had also cut the cash rate by 50 bps, following a 25 bps cut in August.GDP growth in New Zealand has been slowing, falling 0.2% in the June 2024 quarter, compared with the March 2024 quarter, marking the fourth quarter of contraction. It also fell 0.2% on an annual basis.Sign up for NBC New York's News Headlines newsletter.
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