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New Zealand cuts rates as rush for 'white gold' stalls

New Zealand is the world's largest dairy supplier, with the industry earning in excess of NZ$15.0 bln ($10.6 bln) a year and accounting for more than a third of its exportsNew Zealand cut interest rates for the first time in more than four years on Thursday amid near-stagnant inflation and a slump in prices for its all-important dairy exports. In an aggressive move designed to maintain economic momentum and prevent any chance of a slowdown, the Reserve Bank of New Zealand trimmed the Official Cash Rate (OCR) 0.25 points to 3.25 percent. It also foreshadowed further cuts if the situation failed to improve, sending the New Zealand dollar into a downward spiral on currency markets.

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