The New Zealand cash rate hit an all time low today after the Reserve Bank of New Zealand (RBNZ) cut rates by 50 basis points.
The reduction brings New Zealand’s cash rate to 3 per cent – 5.25 per cent lower than its peak last July.
Commenting on the decision, Allan Bollard, RBNZ governor, said the timing of a global recovery remained “highly uncertain” and that New Zealand could expect adverse economic forces to remain dominant throughout the year.
Meanwhile in the New Zealand housing market, home sales recorded a slight recovery in February, Real Estate Institute of New Zealand (REINZ) data showed this week. Monthly sales rose to 5,228 compared to just 3,706 in January.
Compared to the boom days of February 2007 however home sales are now down by 44 per cent.
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