RBNZ cuts rate, says economy has contracted in recent months
The output gap is now assumed to be more negative than in its May Monetary Policy Statement.
The Reserve Bank released its August Monetary Policy Statement today.
Just a few months after considering raising the official cash rate the Reserve Bank today has cut it from 5.5% to 5.25%
Back in May the bank had been concerned about the stubborn nature of inflation and reported its monetary policy committee had considered whether to raise interest rates again.
But a
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