NZ c bank cuts cash rate 50 basis points to 4.75%

NEW ZEALAND - The Reserve Bank of New Zealand Wednesday met market expectations by cutting its Official Cash Rate by 50 basis points to 4.75% and flagged the possibility of further interest rate cuts early next year if the global economy is worse than expected.

In meeting market expectations, the central bank cited the recent slowdown in growth in many of New Zealand's key export markets and a drop in New Zealand consumer and business confidence.

Wednesday's move is the fifth cut since the cent