New Zealand Slashed Rates to 3.50%

New Zealand’s Central Bank cut its interest rate by 150 basis pts to 3.50 percent today to combat its gloomy economy. The big cut, which is 50 basis pts above market expectation, drove the NZD to a new low against USD.

Further cut has not been ruled out yet and the medium term aim of the NZ’s Central Bank is to keep inflation within 1 to 3 percent.

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