UPDATE 5-NZ central bank slashes rates at emergency meeting as coronavirus worsens [Reuters (UK)]
AUSTRALIA&N Z BKG S/ADR (ANZBY)
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Source: Reuters
New Zealand central bank slashes rates at emergency meeting as coronavirus worsens - Reuters 4 Min Read WELLINGTON (Reuters) - New Zealand’s central bank slashed interest rates by 75 basis points to a record low on Monday following an emergency meeting , sinking the country’s currency, as it prepared for a “significant” hit to the economy from the coronavirus. The unprecedented move follows rate cuts by central banks around the world, including the U.S. Federal Reserve, which cut interest rates to near zero on Sunday in another emergency move to help shore up the U.S. economy as the outbreak derails trade, tourism and domestic production. The Reserve Bank of New Zealand (RBNZ) cut the official cash rate (OCR) to 0.25%, and pledged to keep it at this level for at least 12 months, the banks said in its statement. RBNZ Governor Adrian Orr told a media conference the virus was expected to have a severe impact on New Zealand’s people and economy over the coming year. But he said the move w
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