The Reserve Bank of New Zealand (RBNZ) lowered its official cash rate (OCR) by a further 25 basis points to 2.75% today (September 10) on the back of a "softening in the economy".
It is the third consecutive time the RBNZ has cut the rate, and it could cut further. Governor Graeme Wheeler reiterated "some further easing in the OCR seems likely" in his statement.
New Zealand's economy is still adjusting to the "sharp decline" in export prices, Wheeler noted, in particular commodity prices, which
- Is the pursuit of a common accounting standard for gold a fool’s errand?
- World’s largest SWF bars investment in four companies for guideline breaches
- Bank of Jamaica’s Wynter on the path to inflation targeting
- BoE minority staff score lower in first diversity survey
- ECB needed better data in 2008 crisis, says Lautenschläger