New Zealand cuts benchmark interest rate to new low of 1.5%
WELLINGTON, New Zealand (AP) — Citing lower global growth, New Zealand’s Reserve Bank on Wednesday cut the nation’s benchmark interest rate by a quarter point to an all-time low of 1.5%.
The cut brings New Zealand’s rate in line with Australia’s rate of 1.5%. It was New Zealand’s first cut since November 2016, when the bank also cut the rate by a quarter point.