RBNZ cuts rates to record low as Kiwi strength weighs on inflation
Board reaffirms move in light of Donald Trump's victory, but the cut has been on the cards for some time
The Reserve Bank of New Zealand (RBNZ) cut its policy rate to a new record low on November 10, as its currency's strength against its peers continues to dampen inflation to below the central bank's target range.
At its latest policy meeting, the central bank reduced the official cash rate by 25 basis points to 1.75%. At the press conference, governor Graeme Wheeler cited "significant" surplus capacity in the global economy, with low global inflation and high political uncertainty.
In an unusual
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