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The Reserve Bank of New Zealand (RBNZ) slashed the cash rate overnight by a whopping 150 basis points to 3.5 per cent.
The reduction was the second consecutive 150 basis point reduction from the bank, whose cash rate sat at a record high of 8.25 per cent in just July last year.
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Allan Bollard, RBNZ governor, said “the news coming from our trading partners is very negative. The global economy is now in recession and the outlook for international growth has been marked down considerably since our December Monetary Policy Statement”.
