RBNZ cuts OCR to 5.25%, kiwi falls

(Image: Unsplash)

Wed, 14 Aug 2024

The Reserve Bank of New Zealand cut the official cash rate by 25 basis points to 5.25% in a keenly awaited decision. "New Zealand’s annual consumer price inflation is returning to within the Monetary Policy Committee’s 1 to 3% target band," it said in a statement. Wednesday's decision was finely balanced. Twelve of 21 economists surveyed by Bloomberg expected the RBNZ to keep the OCR at 5.5%; nine said it would cut. The market had priced around a 60% chance of a cut. "The pace of further easing will...

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