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The Reserve Bank of New Zealand has slashed its cash rate by one per cent to 6.5 per cent.
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This unprecedented move was the result of “ongoing financial market turmoil and a deteriorating outlook for global growth”.
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New Zealand’s cash rate has now been cut by 175 basis in just four months from its high of 8.25 per cent up until June this year.
Published: 23-10-08
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