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The Reserve Bank of New Zealand (RBNZ) building in Wellington, New Zealand, on Wednesday, Feb. 22, 2023.
Mark Coote | Bloomberg | Getty Images
New Zealand's central bank slashed benchmark rates by 50 basis points to 3.75%, marking its fourth straight cut, as the country's economy slows down.
The move was in line with expectations from economists polled by Reuters, and marks the lowest the policy rate since November 2022.
The country's growth has declined on a year-on-year basis for five straight quarters to September 2024, according to government data.
The country's inflation numbers also gives room for continued cuts, as New Zealand saw its inflation rate fall for seven of its last eight quarters, according to LSEG data.
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