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NZ central bank cuts interest rates to boost economy


07-23-2015 15:40 BJT

The central bank of New Zealand has cut interest rates by a quarter percentage point to 3 percent. It's the second consecutive month that the central bank cut interest rates. The cut is warranted by the softening in the economic outlook and low inflation.

The country's economy is expected to grow at a rate of about 2.5 percent but is likely to slow given the weakness in export commodity prices and a fading effect of reconstruction of Christchurch after the city was hit by a devastating earthquake in 2011.

The market has already factored in more cuts. Most analysts predict the interest rate will reach a record low of 2.5 percent by the year's end.

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