India, Feb. 19 -- Corrects the day
The Reserve Bank of New Zealand cut its interest rate further by 50 basis points on Wednesday and signaled more reductions this year to support economic growth.
The Monetary Policy Committee of the Reserve Bank of New Zealand, led by Governor Adrian Orr, decided to lower the Official Cash Rate to 3.75 percent from 4.25 percent.
The bank has lowered the rate by 175 basis points since last August.
"If economic conditions continue to evolve as projected, the Committee has scope to lower the OCR further through 2025," the bank said.
Orr said the bank is looking at lowering the OCR a little bit quicker than what was projected in November.
The new projections of the RBNZ showed the OCR at around 3.4 percen...