RBNZ cuts OCR again in face of ‘softening’

Reserve Bank of New Zealand

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

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