New Zealand's central bank reduced its key rate by 50 basis points to underpin economic growth and revive inflation.
The Monetary Policy Committee of Reserve Bank of New Zealand headed by Adrian Orr, on Wednesday, cut the official cash rate by 50 basis points to 1.00 percent. Economists had forecast a quarter point reduction.
The bank had earlier reduced the rate by 25 basis points in May, which was the first cut in more than two years.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.