New Zealand cuts by half a point

The Reserve Bank of New Zealand on Thursday cut rates by half a point for the first time in almost seven years on evidence the country's economy was now in recession.

Analysts had expected a quarter point cut and the kiwi plunged sharply on the news. But the central bank said conditions required a bigger move.

"We have brought forward some of the projected interest rate reduction [set out in the June Monetary Policy Statement] but have not altered the expected overall decline," Alan Bollard, the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: