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The official cash rate has been cut by 50 points, providing homeowners with some relief, and retailers with some hope.
The Bank today lowered the Official Cash Rate (OCR) by 50 basis points in an attempt to boost a sluggish economy.
New Zealand’s Reserve Bank says its following the trend of central banks worldwide, despite the US Federal Reserve’s recent 0.5 percentage point cut.
The recent rise in inflation risks was the main reason for the RBA’s decision.
