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The Reserve Bank of New Zealand (RBNZ) slashed its cash rate by an unprecedented 150 basis points today in a bid to shield the economy from the deteriorating global crisis.
New Zealand’s cash rate now sits at 5 per cent – reflecting a 3.25 per cent reduction since July this year.
Alan Bollard, RBNZ governor, said the country’s activity would be further constrained in the coming quarters as activity among key trading partners contracted further or grew only slightly.
“Thus it is appropriate to deliver this reduction quickly to support the economy and keep inflation from falling below the target band,” he said.
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