The Reserve Bank of New Zealand slashed its benchmark rate by 50 basis points on Wednesday, as inflation is converging to the target midpoint, while economic growth is expected to remain subdued in the near term amid restrictive monetary policy.
The Monetary Policy Committee led by Governor Adrian Orr, decided to reduce the Official Cash Rate to 4.75 percent from 5.25 percent. The outcome of the meeting matched expectations.
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by Renju Jaya
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