RBNZ’s Wheeler cuts OCR to 3% and flags more to come, says kiwi needs to keep falling

Wed, 22 Jul 2015

By Paul McBeth July 23 (BusinessDesk) - Reserve Bank governor Graeme Wheeler cut the official cash rate a quarter-point to 3 percent and flagged more reductions are likely, while saying a lower kiwi dollar is needed to prop up the nation's export sector. The New Zealand dollar jumped higher. “A reduction in the OCR is warranted by the softening in the economic outlook and low inflation,” Wheeler said in a statement. "At this point, some further easing seems likely." Wheeler kicked off an easing cycle last month as inflation stayed bel...

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