New Zealand delivers outsized cut, bringing policy rate to over 3-year low in bid to boost growth
CNBCยท2025-10-08 02:55
The Reserve Bank of New Zealand (RBNZ) building in Wellington, New Zealand, on Wednesday, Feb. 22, 2023.New Zealand's central bank on Wednesday cut benchmark interest rates by 50 basis points to 2.5%, bringing the policy rate to its lowest level since July 2022 as growth worries loom.The cut to the overnight cash rate was larger than the 25 basis points expected by economists polled by Reuters.In its statement, the Reserve Bank of New Zealand said inflation was likely to return to its 2% target by the first ...