19 September 2001
The Reserve Bank today cut the Official Cash Rate (OCR) by 50 basis points from 5.75 per cent to 5.25 per cent.
Reserve Bank Governor Don Brash said "We are making this unscheduled interest rate cut primarily because of recent tragic events in the United States.
"It seems more likely now that the current slowdown in the world economy will worsen. In these circumstances, New Zealand's short-term economic outlook would be adversely a