New Zealand's central bank stunned markets on Wednesday by cutting the offi...
WELLINGTON - New Zealand’s central bank stunned markets on Wednesday by cutting the official cash rate by a bigger-than-expected 50 basis points to a record-low 1.00%, and looked set to keep policy lower for longer in the face of growing economic risks.
“The Monetary Policy Committee agreed that a lower OCR is necessary to continue to meet its employment and inflation objectives,” RBNZ’s monetary policy committee said in a statement accompanying its rates decision. RBNZ’s forecasts released with the statement show another cut is possible by the end of the year which would take the OCR below 1%.
The morphing of the Sino-U.S. trade conflict into a currency war leaves open economies like New Zealand heavily exposed and vulnerable to global pressure.
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