RBNZ slashes rate to 0.25% for at least 12 months

Mon, 16 Mar 2020

The Reserve Bank of New Zealand slashed its benchmark interest rate from 1 percent to a record low 0.25 percent in a bid to shield the economy from the impact of the covid-19 virus and said they will stay there for least 12 months.“The negative economic implications of the COVID-19 virus continue to rise warranting further monetary stimulus,” it said in a statement, which warned it will consider quantitative easing - printing money - before cutting rates again.Today's is the largest cut the RBNZ has ever made since it began using the OCR as its...

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