RBNZ lowers benchmark rate by 25 points

Source: Bloomberg
© Scanpix/AFP
The Reserve Bank of New Zealand reduced its interest rate from 3.50% to 3.25%, the first time in last four years, as inflation remains below the bank's target and economic growth slows. The cut put Auckland housing market in danger of increasing prices further, however forecasts assume more rate cuts by the middle of 2016. The Kiwi dipped facing a five year low after the decision of the RBNZ.
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