The Reserve Bank of New Zealand cuts interest rates to 3%, dovish statement releases signals of another 50 basis point cut by the end of the year.

According to the Zhitong Finance APP, the Reserve Bank of New Zealand has lowered interest rates to a three-year low point and signaled further easing, stating that the economy has fallen into stagnation. The Monetary Policy Committee of the Reserve Bank of New Zealand cut the official cash rate (OCR) by 25 basis points to 3% on Wednesday, in line with the expectations of 22 out of 23 economists surveyed by Bloomberg.