Quake forces New Zealand to cut

earthquake

The Reserve Bank of New Zealand (RBNZ) cut its benchmark official cash rate by 50 basis points from 3% to 2.5% on Thursday, in response to the devastation caused by the earthquake in Christchurch last month.

Alan Bollard, the governor of RBNZ, said the central bank had acted preemptively to reduce the official cash rate in order to "lessen the economic impact of the earthquake" and guard against the risk of its impact becoming "especially severe". While he said it was difficult to quantify the e

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