NZ's Bollard sees recovery soon

The Reserve Bank of New Zealand cut its key rate to a fresh record low on Thursday, but Alan Bollard, the governor of the Reserve Bank, signalled an economic recovery is not far off.

Speaking after the decision, which saw the official cash rate cut to 3%, Bollard said that the Reserve Bank now saw activity troughing in the middle of this year and then gradually picking up on the back of the "substantial" change in interest rates and the "large amount" of fiscal stimulus.

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