RBNZ rate-cut off the cards; coronavirus impact short

RBNZ rate-cut off the cards; coronavirus impact short
Rebecca Howard
The Reserve Bank kept the official cash rate at 1 percent as widely expected, but stripped out any chance of another cut and said it expects the impact of the coronavirus to be relatively short lived.The New Zealand dollar jumped after the statement and recently traded at 64.45 US cents versus 64.07 cents just prior.“We assume the overall economic impact of the coronavirus outbreak in New Zealand will be of a short duration, with most of the impacts in the first half of 2020,” the monetary policy committee said in a statement.Economists had exp...

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