New Zealand cuts interest rate to record low 1.75 pct

New Zealand's central bank cut its benchmark interest rate 0.25 percent citing low inflation and uncertainty in international marketsNew Zealand’s central bank cut its benchmark interest rate to a record low of 1.75 percent on Thursday, citing global uncertainty caused in part by Donald Trump’s shock US election victory. The Reserve Bank of New Zealand said it planned to trim its Official Cash Rate (OCR) by 0.25 points anyway but reaffirmed the decision in the wake of Trump’s win. “Political uncertainty remains heightened and market volatility is elevated,” Governor Graeme Wheeler said.

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