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Central bank cuts policy rate 25bp saying global uncertainty caused economic slowdown
New Zealand’s central bank cut its policy rate by 25 basis points today (August 20) and said that the country’s economic recovery had stalled.
The Reserve Bank of New Zealand (RBNZ) said it had lowered its benchmark policy rate to 3% with a view to keeping New Zealand’s inflation rate at the middle of its 2–3% target. The RBNZ said four of its policy board members voted in favour of the decision, while two had voted for a 50bp cut.
The RBNZ said the country’s economic recovery had come to a halt
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